Primecap Management Co. CA Purchases New Position in Rhythm Pharmaceuticals, Inc. $RYTM

Primecap Management Co. CA purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,168,853 shares of the company’s stock, valued at approximately $351,838,000.

Several other large investors also recently added to or reduced their stakes in RYTM. AQR Capital Management LLC lifted its stake in shares of Rhythm Pharmaceuticals by 148.2% in the 1st quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock valued at $2,085,000 after purchasing an additional 23,506 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rhythm Pharmaceuticals by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock valued at $1,874,000 after buying an additional 2,126 shares during the period. Prudential Financial Inc. lifted its position in Rhythm Pharmaceuticals by 62.9% in the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock worth $423,000 after buying an additional 2,740 shares during the last quarter. Qube Research & Technologies Ltd lifted its position in Rhythm Pharmaceuticals by 11.2% in the second quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company’s stock worth $15,187,000 after buying an additional 24,152 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Rhythm Pharmaceuticals by 10.0% during the second quarter. Sei Investments Co. now owns 33,145 shares of the company’s stock worth $2,095,000 after buying an additional 3,004 shares during the period.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $113.35 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 52-week low of $74.50 and a 52-week high of $122.20. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of -36.45 and a beta of 1.92. The stock has a 50 day moving average price of $108.94 and a 200 day moving average price of $96.76.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The business had revenue of $71.25 million during the quarter, compared to analyst estimates of $67.66 million. During the same period in the previous year, the company posted ($0.75) EPS. Rhythm Pharmaceuticals’s revenue was up 46.9% on a year-over-year basis. Analysts forecast that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Alastair Garfield sold 7,763 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.57, for a total transaction of $912,695.91. Following the transaction, the insider directly owned 2,295 shares in the company, valued at $269,823.15. This represents a 77.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director directly owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,676 shares of company stock valued at $20,754,691 over the last three months. 5.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RYTM. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. National Bank Financial set a $160.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.44.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.