The Police & Firemen’s Retirement System of New Jersey has increased its stake in Mirum Pharmaceuticals, Inc. by 16.9% during the second quarter of 2023, according to data from Holdings Channel. The retirement fund now owns 10,022 shares of the biopharmaceutical company after acquiring an additional 1,452 shares in the period. Valued at approximately $510,000 based on its latest SEC filing, this investment highlights growing institutional interest in Mirum Pharmaceuticals.
Several other institutional investors have also adjusted their positions in Mirum Pharmaceuticals, which trades on NASDAQ under the ticker symbol MIRM. The Teacher Retirement System of Texas has raised its stake by 2.2%, bringing its total to 9,903 shares, worth about $504,000. Palumbo Wealth Management LLC increased its holdings by 4.2%, owning 5,604 shares valued at $285,000. Additionally, Mirae Asset Global Investments Co. Ltd. grew its position by 14.9%, now holding 1,914 shares valued at $97,000.
In a significant move, Comerica Bank raised its stake by 45.1% earlier this year, now owning 895 shares valued at $40,000. Zurcher Kantonalbank Zurich Cantonalbank also increased its holdings by 3.8% and now owns 10,998 shares worth about $495,000.
Stock Performance and Insider Activity
As of Tuesday, Mirum Pharmaceuticals opened at $72.20. The company has a market capitalization of $3.71 billion, a price-to-earnings (P/E) ratio of -83.95, and a beta of 0.75. Its 50-day moving average stands at $71.99, while the two-hundred-day moving average is $61.41. Over the past year, the stock has fluctuated between a low of $36.88 and a high of $78.54.
In recent insider trading, Chief Financial Officer Eric Bjerkholt sold 9,578 shares on September 12, 2023, at an average price of $76.01, totaling approximately $728,024. This sale reduced his holdings by 19.34%, leaving him with 39,945 shares valued at around $3,036,219. Similarly, Director Laura Brege sold 17,000 shares on September 11, 2023, for a total of $1,264,800, which represented a 51.98% decrease in her position.
Analyst Ratings and Company Overview
A number of analysts have recently provided insights on Mirum Pharmaceuticals. HC Wainwright raised its price target from $80.00 to $81.00, maintaining a “buy” rating. Evercore ISI also increased its target, now set at $89.00, while issuing an “outperform” rating. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating. Overall, two analysts have given the stock a “Strong Buy” rating, eleven have rated it as a “Buy,” and one has assigned a “Sell” rating. According to MarketBeat.com, Mirum Pharmaceuticals has a consensus rating of “Buy” with an average price target of $84.91.
Founded to develop novel therapies for rare and orphan diseases, Mirum Pharmaceuticals is recognized for its lead product candidate, LIVMARLI (maralixibat). Approved for treating cholestatic pruritus in patients with Alagille syndrome, LIVMARLI represents a significant advancement in the field.
Investors and stakeholders in Mirum Pharmaceuticals will be keeping a close eye on the stock’s performance and any further developments as the company continues to navigate the biopharmaceutical landscape.
