Wellington Management Group LLP Trims Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Wellington Management Group LLP trimmed its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,443 shares of the company’s stock after selling 2,778 shares during the quarter. Wellington Management Group LLP owned about 0.23% of Rhythm Pharmaceuticals worth $3,151,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in Rhythm Pharmaceuticals by 85.3% in the 3rd quarter. Barclays PLC now owns 241,261 shares of the company’s stock worth $5,531,000 after acquiring an additional 111,033 shares in the last quarter. Silverarc Capital Management LLC increased its holdings in Rhythm Pharmaceuticals by 124.3% in the 3rd quarter. Silverarc Capital Management LLC now owns 260,537 shares of the company’s stock worth $5,973,000 after acquiring an additional 144,369 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $1,004,000. Charles Schwab Investment Management Inc. increased its holdings in Rhythm Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after acquiring an additional 34,189 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at approximately $460,000.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RYTM. Morgan Stanley raised shares of Rhythm Pharmaceuticals from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $29.00 to $55.00 in a report on Tuesday, December 19th. Wells Fargo & Company increased their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, December 19th. The Goldman Sachs Group increased their price objective on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday, February 22nd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $47.40.

Insider Activity

In related news, EVP Yann Mazabraud sold 1,594 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $81,899.72. Following the completion of the sale, the executive vice president now directly owns 7,702 shares in the company, valued at $395,728.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Joseph Shulman sold 18,235 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $40.34, for a total value of $735,599.90. Following the completion of the sale, the insider now directly owns 30 shares in the company, valued at $1,210.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Yann Mazabraud sold 1,594 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $81,899.72. Following the completion of the sale, the executive vice president now owns 7,702 shares of the company’s stock, valued at $395,728.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 171,701 shares of company stock worth $7,610,988. 4.70% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $41.79 on Thursday. The company has a market capitalization of $2.51 billion, a P/E ratio of -13.06 and a beta of 1.90. Rhythm Pharmaceuticals, Inc. has a one year low of $15.50 and a one year high of $52.57. The stock has a 50 day moving average price of $44.19 and a 200-day moving average price of $36.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, meeting analysts’ consensus estimates of ($0.70). The firm had revenue of $24.23 million during the quarter, compared to the consensus estimate of $25.38 million. Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The company’s quarterly revenue was up 175.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.75) EPS. As a group, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.03 EPS for the current fiscal 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.