Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Position Reduced by Primecap Management Co. CA

Primecap Management Co. CA decreased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,312,391 shares of the company's stock after selling 435,200 shares during the quarter. Primecap Management Co. CA owned approximately 11.99% of Rhythm Pharmaceuticals worth $300,247,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CWM LLC increased its holdings in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company's stock valued at $27,000 after buying an additional 253 shares during the last quarter. American International Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 3.1% in the 1st quarter. American International Group Inc. now owns 26,318 shares of the company's stock worth $1,140,000 after acquiring an additional 781 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $51,000. Principal Financial Group Inc. lifted its position in shares of Rhythm Pharmaceuticals by 20.6% in the 1st quarter. Principal Financial Group Inc. now owns 7,180 shares of the company's stock worth $311,000 after buying an additional 1,227 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company's stock valued at $68,000 after buying an additional 1,391 shares during the period.

Rhythm Pharmaceuticals Stock Up 7.4 %

RYTM stock traded up $3.65 during trading on Tuesday, reaching $53.17. 1,771,831 shares of the company's stock were exchanged, compared to its average volume of 560,284. Rhythm Pharmaceuticals, Inc. has a 1-year low of $20.97 and a 1-year high of $54.85. The firm has a market cap of $3.24 billion, a PE ratio of -11.48 and a beta of 2.07. The company's fifty day moving average price is $47.57 and its 200-day moving average price is $42.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.16. The business had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company's quarterly revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.82) earnings per share. As a group, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RYTM. Needham & Company LLC reiterated a "buy" rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research report on Tuesday. They set an "outperform" rating and a $64.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $57.00.

Insider Activity

In other news, insider Joseph Shulman sold 10,468 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,590. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company's stock, valued at $150,030. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joseph Shulman sold 10,468 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at approximately $1,590. The disclosure for this sale can be found here. Insiders sold 95,282 shares of company stock worth $4,550,639 over the last three months. Corporate insiders own 5.60% of the company's stock.

About Rhythm Pharmaceuticals

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.