Primecap Management Co. CA Sells 645,721 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Primecap Management Co. CA cut its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 8.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,571,190 shares of the company's stock after selling 645,721 shares during the period. Primecap Management Co. CA owned about 10.69% of Rhythm Pharmaceuticals worth $367,855,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RYTM. Cibc World Markets Corp bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth $287,000. Swiss National Bank increased its holdings in Rhythm Pharmaceuticals by 1.0% in the 4th quarter. Swiss National Bank now owns 90,200 shares of the company's stock worth $5,049,000 after purchasing an additional 900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Rhythm Pharmaceuticals in the fourth quarter valued at about $341,000. Freestone Capital Holdings LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter valued at about $207,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $218,000.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock traded down $2.19 during mid-day trading on Friday, reaching $52.04. The stock had a trading volume of 902,524 shares, compared to its average volume of 486,570. The firm has a market capitalization of $3.29 billion, a PE ratio of -12.02 and a beta of 2.30. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $68.58. The stock's 50-day simple moving average is $55.38 and its 200-day simple moving average is $54.80.

Remove Ads

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. On average, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 1,678 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $99,723.54. Following the transaction, the chief financial officer now owns 101,186 shares of the company's stock, valued at $6,013,483.98. The trade was a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now directly owns 40,370 shares of the company's stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,787 shares of company stock valued at $5,762,443 over the last three months. Corporate insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RYTM. Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a "buy" rating and a $80.00 target price on the stock. Morgan Stanley reissued an "overweight" rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Canaccord Genuity Group increased their price objective on Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an "outperform" rating and a $76.00 target price on the stock. Finally, HC Wainwright upped their price target on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $69.46.

Rhythm Pharmaceuticals 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.