Rhythm Pharmaceuticals, Inc. $RYTM Stock: Pictet Asset Management Holding SA Raises Position

Pictet Asset Management Holding SA grew its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 976,487 shares of the company’s stock after purchasing an additional 18,702 shares during the period. Pictet Asset Management Holding SA’s holdings in Rhythm Pharmaceuticals were worth $93,019,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at $683,601,000. Primecap Management Co. CA purchased a new stake in shares of Rhythm Pharmaceuticals during the second quarter valued at $351,838,000. Jupiter Topco LLC bought a new stake in Rhythm Pharmaceuticals in the 2nd quarter worth about $102,752,000. Siren L.L.C. grew its position in shares of Rhythm Pharmaceuticals by 45.1% during the first quarter. Siren L.L.C. now owns 725,511 shares of the company’s stock worth $63,098,000 after purchasing an additional 225,536 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Rhythm Pharmaceuticals by 180.0% during the 1st quarter. Bank of America Corp DE now owns 628,667 shares of the company’s stock valued at $54,675,000 after purchasing an additional 404,183 shares during the period.

Insider Activity

In other news, CFO Hunter C. Smith sold 62,774 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $105.46, for a total value of $6,620,146.04. Following the sale, the chief financial officer directly owned 114,024 shares in the company, valued at $12,024,971.04. The trade was a 35.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $117.57, for a total value of $912,695.91. Following the transaction, the insider directly owned 2,295 shares in the company, valued at approximately $269,823.15. This represents a 77.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 258,450 shares of company stock worth $28,796,497. 5.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RYTM shares. Wolfe Research initiated coverage on Rhythm Pharmaceuticals in a research note on Thursday, September 17th. They issued an “outperform” rating for the company. Leerink Partners initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, September 14th. They set an “outperform” rating and a $133.00 price objective on the stock. Canaccord Genuity Group set a $154.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Thursday, October 15th. Finally, HC Wainwright upped their target price on shares of Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Eighteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.00.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $113.94 on Tuesday. The stock has a 50 day moving average of $96.29 and a 200 day moving average of $97.29. Rhythm Pharmaceuticals, Inc. has a 12 month low of $74.50 and a 12 month high of $122.20.

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

Rhythm Pharmaceuticals Company 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.