741,368 Shares in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC bought a new position in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 741,368 shares of the company's stock, valued at approximately $28,913,000. Lord Abbett & CO. LLC owned approximately 1.54% of Mirum Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Quest Partners LLC raised its stake in shares of Mirum Pharmaceuticals by 7,513.3% during the 2nd quarter. Quest Partners LLC now owns 1,142 shares of the company's stock worth $39,000 after acquiring an additional 1,127 shares in the last quarter. Amalgamated Bank increased its position in shares of Mirum Pharmaceuticals by 60.8% during the second quarter. Amalgamated Bank now owns 1,357 shares of the company's stock worth $46,000 after purchasing an additional 513 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Mirum Pharmaceuticals by 22.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,725 shares of the company's stock valued at $67,000 after purchasing an additional 318 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Mirum Pharmaceuticals in the 3rd quarter worth $215,000. Finally, ProShare Advisors LLC purchased a new position in Mirum Pharmaceuticals during the 2nd quarter worth $213,000.

Analyst Upgrades and Downgrades

MIRM has been the subject of several recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $66.00 price target on shares of Mirum Pharmaceuticals in a report on Wednesday, November 13th. Robert W. Baird lifted their target price on shares of Mirum Pharmaceuticals from $44.00 to $50.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Citigroup upped their price target on shares of Mirum Pharmaceuticals from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Leerink Partners lifted their price objective on shares of Mirum Pharmaceuticals from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Thursday, October 17th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Mirum Pharmaceuticals has a consensus rating of "Buy" and a consensus target price of $57.73.

Mirum Pharmaceuticals Stock Performance

Shares of Mirum Pharmaceuticals stock traded down $0.05 during trading on Monday, hitting $42.39. 334,953 shares of the company's stock were exchanged, compared to its average volume of 544,893. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -20.99 and a beta of 1.20. The business has a 50-day simple moving average of $41.90 and a 200-day simple moving average of $38.84. Mirum Pharmaceuticals, Inc. has a 52-week low of $23.14 and a 52-week high of $48.89. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.15 and a current ratio of 3.34.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.15. The business had revenue of $90.38 million during the quarter, compared to analyst estimates of $81.99 million. Mirum Pharmaceuticals had a negative return on equity of 41.22% and a negative net margin of 31.69%. The company's revenue was up 89.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.57) EPS. On average, research analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Jolanda Howe sold 2,500 shares of the firm's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $47.10, for a total transaction of $117,750.00. Following the sale, the senior vice president now directly owns 2,426 shares in the company, valued at $114,264.60. This trade represents a 50.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 22.87% of the company's stock.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. Its lead product candidate is LIVMARLI (maralixibat), an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the United States and internationally.