Pictet Asset Management Holding SA Buys 52,383 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Pictet Asset Management Holding SA boosted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 8.5% during the first quarter, Holdings Channel.com reports. The firm owned 667,046 shares of the company’s stock after buying an additional 52,383 shares during the period. Pictet Asset Management Holding SA’s holdings in Rhythm Pharmaceuticals were worth $57,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 303.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Rhythm Pharmaceuticals by 73.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after buying an additional 145 shares during the last quarter. GAMMA Investing LLC raised its holdings in Rhythm Pharmaceuticals by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after buying an additional 118 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after buying an additional 113 shares during the period. Finally, Covestor Ltd boosted its position in Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after buying an additional 444 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Telsey Advisory Group set a $143.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Thursday, March 12th. HC Wainwright dropped their target price on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Canaccord Genuity Group raised their target price on Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Royal Bank Of Canada boosted their price target on Rhythm Pharmaceuticals from $136.00 to $137.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $133.12.

Rhythm Pharmaceuticals Trading Up 0.2%

Shares of Rhythm Pharmaceuticals stock opened at $110.04 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 12-month low of $62.29 and a 12-month high of $122.20. The company has a market cap of $7.54 billion, a P/E ratio of -35.16 and a beta of 1.92. The company’s fifty day simple moving average is $91.16 and its two-hundred day simple moving average is $95.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million during the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The company’s quarterly revenue was up 83.8% compared to the same quarter last year. During the same period last year, the company posted ($0.81) EPS. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.11 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the sale, the director directly owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.