Primecap Management Co. CA Cuts Stock Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Primecap Management Co. CA reduced its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 1.3% in the third quarter, Holdings Channel.com reports. The firm owned 7,216,911 shares of the company’s stock after selling 95,480 shares during the quarter. Primecap Management Co. CA owned approximately 0.12% of Rhythm Pharmaceuticals worth $378,094,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RYTM. CWM LLC boosted its holdings in Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after acquiring an additional 253 shares during the period. ORG Partners LLC purchased a new stake in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC bought a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter worth approximately $63,000. Quest Partners LLC raised its position in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RYTM. Needham & Company LLC increased their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. TD Cowen increased their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Finally, Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Stock Down 1.0 %

RYTM opened at $59.36 on Thursday. Rhythm Pharmaceuticals, Inc. has a one year low of $31.52 and a one year high of $68.58. The stock’s 50 day moving average price is $52.74 and its 200-day moving average price is $46.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals’s revenue was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.76) earnings per share. Equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $675,135. This trade represents a 19.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the sale, the director now directly owns 3,000 shares in the company, valued at $150,030. This represents a 58.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 145,681 shares of company stock worth $8,734,825. Insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alström syndrome.