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

Primecap Management Co. CA trimmed its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 8.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,571,190 shares of the company’s stock after selling 645,721 shares during the quarter. Primecap Management Co. CA owned 0.11% of Rhythm Pharmaceuticals worth $367,855,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RYTM. Cibc World Markets Corp bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $287,000. Swiss National Bank raised its position in shares of Rhythm Pharmaceuticals by 1.0% during the 4th quarter. Swiss National Bank now owns 90,200 shares of the company’s stock valued at $5,049,000 after acquiring an additional 900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $341,000. Freestone Capital Holdings LLC bought a new position in Rhythm Pharmaceuticals during the fourth quarter worth $207,000. Finally, Raymond James Financial Inc. bought a new stake in Rhythm Pharmaceuticals during the fourth quarter valued at $218,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Canaccord Genuity Group raised their price target on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. HC Wainwright raised their price target on shares of Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Morgan Stanley restated an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $69.31.

Rhythm Pharmaceuticals Stock Up 2.7 %

Shares of NASDAQ:RYTM opened at $52.34 on Tuesday. The company has a market cap of $3.31 billion, a PE ratio of -12.09 and a beta of 2.30. The company’s 50-day moving average price is $55.80 and its 200 day moving average price is $54.73. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company had revenue of $41.83 million for the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Jennifer Kayden Lee sold 1,815 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $56.39, for a total value of $102,347.85. Following the transaction, the executive vice president now owns 3,598 shares of the company’s stock, valued at $202,891.22. The trade was a 33.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,787 shares of company stock valued at $1,901,443. Company insiders own 5.60% of the company’s stock.

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.