Primecap Management Co. CA Sells 214,773 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Primecap Management Co. CA lowered its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.6% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,052,648 shares of the company’s stock after selling 214,773 shares during the quarter. Primecap Management Co. CA owned approximately 0.14% of Rhythm Pharmaceuticals worth $370,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in RYTM. Allspring Global Investments Holdings LLC increased its holdings in Rhythm Pharmaceuticals by 253.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company’s stock worth $52,000 after acquiring an additional 1,620 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Rhythm Pharmaceuticals by 4.9% in the third quarter. Teacher Retirement System of Texas now owns 12,916 shares of the company’s stock worth $296,000 after acquiring an additional 600 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the third quarter worth about $460,000. Los Angeles Capital Management LLC bought a new stake in shares of Rhythm Pharmaceuticals during the third quarter valued at approximately $308,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter worth $394,000.

Insider Activity

In other news, CFO Hunter C. Smith sold 15,515 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $608,498.30. Following the sale, the chief financial officer now directly owns 97,939 shares in the company, valued at $3,841,167.58. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $38.47, for a total value of $153,264.48. Following the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,154.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Hunter C. Smith sold 15,515 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total transaction of $608,498.30. Following the sale, the chief financial officer now directly owns 97,939 shares of the company’s stock, valued at approximately $3,841,167.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,596 shares of company stock valued at $3,924,525. 5.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on RYTM. Wells Fargo & Company reduced their price target on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Canaccord Genuity Group decreased their price objective on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, Needham & Company LLC cut their target price on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.

Rhythm Pharmaceuticals Stock Down 1.6 %

NASDAQ RYTM traded down $0.61 during trading hours on Friday, hitting $36.76. 305,653 shares of the company were exchanged, compared to its average volume of 612,964. The stock has a market cap of $2.24 billion, a PE ratio of -7.94 and a beta of 1.94. Rhythm Pharmaceuticals, Inc. has a 52 week low of $15.50 and a 52 week high of $52.57. The stock has a 50-day moving average price of $40.02 and a 200 day moving average price of $40.99.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing the consensus estimate of ($2.34) by ($0.01). The company had revenue of $26.00 million for the quarter, compared to analysts’ expectations of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The business’s quarterly revenue was up 126.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.92) EPS. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Rhythm Pharmaceuticals Company 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.