Federated Hermes Inc. Decreases Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Federated Hermes Inc. lessened its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 6.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,549,635 shares of the company’s stock after selling 114,265 shares during the quarter. Federated Hermes Inc. owned approximately 2.52% of Rhythm Pharmaceuticals worth $86,749,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Frazier Life Sciences Management L.P. lifted its position in shares of Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after purchasing an additional 3,499 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Rhythm Pharmaceuticals by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 440,250 shares of the company’s stock valued at $24,645,000 after purchasing an additional 6,384 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in Rhythm Pharmaceuticals by 14.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 375,349 shares of the company’s stock worth $21,012,000 after purchasing an additional 46,010 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Rhythm Pharmaceuticals by 3.4% in the fourth quarter. Franklin Resources Inc. now owns 268,205 shares of the company’s stock valued at $15,014,000 after purchasing an additional 8,789 shares during the period.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $46.95 on Monday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58. The company has a market capitalization of $2.97 billion, a P/E ratio of -10.84 and a beta of 2.32. The firm’s 50 day simple moving average is $54.57 and its 200 day simple moving average is $55.09.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on RYTM shares. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, March 24th. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price target for the company. Oppenheimer started coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective on the stock. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.46.

Insider Activity

In related news, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This trade represents a 23.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hunter C. Smith sold 1,678 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $99,723.54. Following the sale, the chief financial officer now owns 101,186 shares of the company’s stock, valued at approximately $6,013,483.98. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is currently owned by insiders.

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.