Wellington Management Group LLP boosted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Free Report) by 78.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 488,747 shares of the company’s stock after purchasing an additional 214,990 shares during the quarter. Wellington Management Group LLP owned approximately 0.71% of Rhythm Pharmaceuticals worth $54,266,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in RYTM. Zweig DiMenna Associates LLC acquired a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $8,734,000. Orbimed Advisors LLC increased its stake in shares of Rhythm Pharmaceuticals by 31.0% in the first quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock valued at $27,317,000 after purchasing an additional 74,300 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Rhythm Pharmaceuticals by 8.5% during the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock valued at $57,329,000 after buying an additional 52,383 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Rhythm Pharmaceuticals by 45.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 24,334 shares of the company’s stock worth $2,721,000 after buying an additional 7,613 shares during the period. Finally, Blue Owl Capital Holdings LP acquired a new position in shares of Rhythm Pharmaceuticals during the second quarter worth approximately $6,823,000.
Analysts Set New Price Targets
RYTM has been the topic of several analyst reports. Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. JPMorgan Chase & Co. increased their price target on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Wells Fargo & Company lifted their price objective on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, August 28th. They issued a “hold” rating and a $120.00 target price for the company. Finally, Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, June 15th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $141.12.
Rhythm Pharmaceuticals Stock Down 0.5%
Shares of RYTM stock opened at $104.89 on Friday. The stock has a 50-day simple moving average of $109.74 and a 200 day simple moving average of $97.08. The stock has a market capitalization of $7.19 billion, a P/E ratio of -33.73 and a beta of 1.97. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20.
Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm had revenue of $71.25 million for the quarter, compared to analysts’ expectations of $67.66 million. During the same period in the previous year, the business earned ($0.75) earnings per share. Rhythm Pharmaceuticals’s revenue for the quarter was up 46.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.87 earnings per share for the current year.
Insiders Place Their Bets
In related news, insider Joseph Shulman sold 5,079 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $119.75, for a total transaction of $608,210.25. Following the completion of the sale, the insider directly owned 15,915 shares of the company’s stock, valued at $1,905,821.25. This represents a 24.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Lee sold 75,834 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total transaction of $8,901,394.92. Following the sale, the executive vice president owned 54,233 shares of the company’s stock, valued at $6,365,869.54. The trade was a 58.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 245,450 shares of company stock worth $27,374,837. Company insiders own 5.90% of the company’s stock.
About Rhythm Pharmaceuticals
Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.
The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.
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