Pictet Asset Management Holding SA Decreases Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Pictet Asset Management Holding SA reduced its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 10.0% in the 4th quarter, HoldingsChannel reports. The fund owned 614,663 shares of the company’s stock after selling 68,354 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Rhythm Pharmaceuticals were worth $66,187,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Rhythm Pharmaceuticals by 39.2% in the third quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock valued at $504,589,000 after purchasing an additional 1,407,313 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Rhythm Pharmaceuticals by 1,493.8% during the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock worth $98,938,000 after buying an additional 918,212 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $60,417,000. JPMorgan Chase & Co. boosted its holdings in shares of Rhythm Pharmaceuticals by 51.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock valued at $119,983,000 after buying an additional 404,510 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at $21,548,000.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $84.18 on Wednesday. The stock has a market capitalization of $5.75 billion, a P/E ratio of -27.07 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 1 year low of $55.31 and a 1 year high of $122.20. The company’s fifty day moving average is $88.94 and its two-hundred day moving average is $99.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative net margin of 103.57% and a negative return on equity of 266.56%. The business had revenue of $57.25 million for the quarter, compared to the consensus estimate of $56.16 million. During the same quarter in the previous year, the firm earned ($0.72) earnings per share. The business’s quarterly revenue was up 36.9% compared to the same quarter last year. Sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.08 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $101.26, for a total transaction of $444,025.10. Following the completion of the transaction, the chief financial officer directly owned 110,512 shares of the company’s stock, valued at approximately $11,190,445.12. This represents a 3.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 5,614 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total value of $502,789.84. Following the completion of the sale, the chief accounting officer directly owned 160 shares of the company’s stock, valued at $14,329.60. This represents a 97.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,267 shares of company stock worth $2,719,955 in the last quarter. 6.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Canaccord Genuity Group cut their price target on shares of Rhythm Pharmaceuticals from $141.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Bank of America decreased their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating for the company in a research note on Tuesday, March 17th. Royal Bank Of Canada dropped their price objective on Rhythm Pharmaceuticals from $140.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, March 17th. Stifel Nicolaus set a $131.00 target price on Rhythm Pharmaceuticals in a research report on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.13.

Rhythm Pharmaceuticals Company Profile

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.