Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 375,349 shares of the company's stock after buying an additional 46,010 shares during the period. Pictet Asset Management Holding SA owned 0.61% of Rhythm Pharmaceuticals worth $21,012,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter worth about $11,512,000. JPMorgan Chase & Co. grew its holdings in shares of Rhythm Pharmaceuticals by 224.3% during the fourth quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company's stock worth $14,811,000 after buying an additional 182,993 shares in the last quarter. Barclays PLC raised its position in shares of Rhythm Pharmaceuticals by 79.6% in the third quarter. Barclays PLC now owns 106,397 shares of the company's stock valued at $5,574,000 after buying an additional 47,166 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its stake in shares of Rhythm Pharmaceuticals by 1.9% during the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock valued at $126,624,000 after buying an additional 45,648 shares during the period. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter valued at approximately $1,960,000.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Jefferies Financial Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a "buy" rating and a $80.00 price target for the company. Needham & Company LLC upped their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. Morgan Stanley reissued an "overweight" rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and set a $70.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, March 24th. Finally, Canaccord Genuity Group raised their target price on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.46.

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Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM traded down $2.87 during trading hours on Friday, hitting $46.95. The company had a trading volume of 582,683 shares, compared to its average volume of 512,136. The firm's 50 day moving average is $54.57 and its 200 day moving average is $55.07. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $68.58. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -10.84 and a beta of 2.32.

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

Insider Activity

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 75,000 shares of the business's 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 transaction, the executive vice president now owns 40,370 shares in the company, valued at $2,078,247.60. The trade was a 65.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joseph Shulman sold 1,281 shares of the company's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares of the company's stock, valued at approximately $157,905.51. The trade was a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,131 shares of company stock worth $5,781,098 over the last 90 days. Company 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.