JPMorgan Chase & Co. Trims Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

JPMorgan Chase & Co. lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 41.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,592 shares of the company's stock after selling 58,554 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.13% of Rhythm Pharmaceuticals worth $4,275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. Principal Financial Group Inc. raised its stake in Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock worth $1,707,000 after buying an additional 23,054 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 11.5% during the 3rd quarter. Franklin Resources Inc. now owns 259,416 shares of the company's stock worth $13,033,000 after acquiring an additional 26,739 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company's stock worth $65,824,000 after acquiring an additional 3,499 shares during the period. Frazier Life Sciences Management L.P. raised its position in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock worth $126,624,000 after acquiring an additional 45,648 shares in the last quarter. Finally, Barclays PLC lifted its stake in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company's stock valued at $5,574,000 after purchasing an additional 47,166 shares during the period.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $65.00, for a total value of $304,720.00. Following the transaction, the insider now owns 13,500 shares of the company's stock, valued at approximately $877,500. This represents a 25.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now directly owns 972 shares in the company, valued at $64,472.76. The trade was a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,830 shares of company stock valued at $5,622,000 in the last 90 days. 5.60% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Trading Down 0.2 %

Shares of RYTM opened at $54.54 on Friday. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -12.60 and a beta of 2.16. The business's fifty day simple moving average is $58.00 and its two-hundred day simple moving average is $52.11. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $33.20 million for the quarter, compared to analysts' expectations of $32.52 million. During the same period last year, the firm posted ($0.76) earnings per share. Rhythm Pharmaceuticals's revenue was up 47.6% compared to the same quarter last year. As a group, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. TD Cowen increased their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Bank of America lifted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a "buy" rating and a $70.00 price objective on the stock. Finally, HC Wainwright reiterated a "buy" rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $68.09.

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.