Rhythm Pharmaceuticals, Inc. $RYTM Holdings Cut by Candriam S.C.A.

Candriam S.C.A. cut its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 18.6% during the third quarter, Holdings Channel.com reports. The firm owned 352,278 shares of the company’s stock after selling 80,747 shares during the quarter. Candriam S.C.A.’s holdings in Rhythm Pharmaceuticals were worth $33,665,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RYTM. Pictet Asset Management Holding SA grew its stake in shares of Rhythm Pharmaceuticals by 2.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 976,487 shares of the company’s stock valued at $93,019,000 after buying an additional 18,702 shares during the period. AlphaCentric Advisors LLC raised its position in shares of Rhythm Pharmaceuticals by 3.9% during the 3rd quarter. AlphaCentric Advisors LLC now owns 9,821 shares of the company’s stock valued at $935,000 after buying an additional 372 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter valued at approximately $335,000. Profund Advisors LLC raised its position in shares of Rhythm Pharmaceuticals by 10.0% during the 3rd quarter. Profund Advisors LLC now owns 18,488 shares of the company’s stock valued at $1,760,000 after buying an additional 1,683 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in Rhythm Pharmaceuticals by 1.9% in the third quarter. ProShare Advisors LLC now owns 9,653 shares of the company’s stock valued at $919,000 after acquiring an additional 177 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, September 14th. They issued an “outperform” rating and a $133.00 price objective for the company. National Bank Financial set a $160.00 target price on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Guggenheim upped their price target on Rhythm Pharmaceuticals from $143.00 to $147.00 and gave the company a “buy” rating in a research note on Thursday. Oppenheimer reaffirmed a “market perform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Finally, William Blair began coverage on Rhythm Pharmaceuticals in a report on Friday, October 16th. They set an “outperform” rating for the company. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $142.17.

Rhythm Pharmaceuticals News Summary

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: Takeover reports lifted shares: News of an additional potential bidder added to earlier reports of a possible AstraZeneca bid valued at roughly $10 billion. The reports are unconfirmed, but the prospect of competing interest may raise expectations for a higher offer. Rhythm Pharmaceuticals gains on report of additional bidder AstraZeneca stock climbs as $10 billion Rhythm bid report surfaces
• Positive Sentiment: Analyst support and sales outlook: Guggenheim raised its price target to $147 from $143 and maintained a Buy rating. RBC also estimated IMCIVREE could reach $2 billion in worldwide sales by 2030, reinforcing the potential for long-term growth. Guggenheim stock recommendations RBC says IMCIVREE could reach $2 billion in worldwide sales by 2030
• Positive Sentiment: Q3 performance showed strong growth: Rhythm reported revenue of $92.1 million, above analyst expectations, with revenue up 79.6% year over year. Continued IMCIVREE growth may strengthen the company’s commercial outlook. IMCIVREE growth drives Q3 update
• Negative Sentiment: Downgrade was a cautionary signal: Another report noted an analyst downgrade, which could temper sentiment, although the shares moved above their 200-day moving average. Shares break above 200-day moving average following analyst downgrade

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,079 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $119.75, for a total value of $608,210.25. Following the completion of the transaction, the insider owned 15,915 shares of the company’s stock, valued at $1,905,821.25. This trade represents a 24.19% decrease in their position. 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. Also, CEO David P. Meeker sold 50,000 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the completion of the transaction, the chief executive officer owned 239,258 shares of the company’s stock, valued at approximately $24,564,618.86. This trade represents a 17.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,450 shares of company stock worth $28,796,497 over the last 90 days. Company insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $112.28 on Monday. The firm has a market capitalization of $7.78 billion, a PE ratio of -38.72 and a beta of 2.17. The firm’s 50-day moving average is $96.15 and its two-hundred day moving average is $97.25. Rhythm Pharmaceuticals, Inc. has a 1 year low of $74.50 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.10. Rhythm Pharmaceuticals had a negative net margin of 69.03% and a negative return on equity of 171.16%. The business had revenue of $92.13 million for the quarter, compared to analysts’ expectations of $85.56 million. During the same quarter in the prior year, the company earned ($0.82) earnings per share. The business’s quarterly revenue was up 79.6% on a year-over-year basis. Analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.24 EPS for the current fiscal year.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing treatments for rare genetic diseases of obesity. The company is headquartered in Boston, Massachusetts, and its work centers on the melanocortin-4 receptor pathway, which helps regulate hunger and energy balance.

Its commercial product, IMCIVREE (setmelanotide), is approved in the United States and Europe for certain forms of genetically defined obesity, including obesity associated with Bardet-Biedl syndrome and specific gene deficiencies.