Candriam S.C.A. Sells 40,923 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Candriam S.C.A. reduced its stake in Rhythm Pharmaceuticals by 12.3%, owning 291,469 shares worth approximately $15.4 million after selling 40,923 shares in the first quarter.
• Rhythm Pharmaceuticals has seen several institutional investors increase their holdings, including Federated Hermes Inc., which raised its stake by 2.7%, now owning over 1.5 million shares valued at $84.3 million.
• Analyst ratings are generally positive for Rhythm Pharmaceuticals, with several firms upgrading their price targets, resulting in an average target price of $101.57 and a consensus rating of "Buy."

Candriam S.C.A. reduced its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,469 shares of the company's stock after selling 40,923 shares during the period. Candriam S.C.A. owned 0.46% of Rhythm Pharmaceuticals worth $15,439,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S bought a new position in Rhythm Pharmaceuticals during the first quarter valued at about $34,000. Algert Global LLC raised its holdings in Rhythm Pharmaceuticals by 47.9% during the first quarter. Algert Global LLC now owns 61,461 shares of the company's stock valued at $3,256,000 after buying an additional 19,910 shares in the last quarter. Aberdeen Group plc raised its holdings in Rhythm Pharmaceuticals by 34.3% during the first quarter. Aberdeen Group plc now owns 108,129 shares of the company's stock valued at $5,728,000 after buying an additional 27,612 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Rhythm Pharmaceuticals during the first quarter valued at about $1,016,000. Finally, E Fund Management Co. Ltd. bought a new position in shares of Rhythm Pharmaceuticals in the first quarter worth about $286,000.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM traded up $1.59 during trading on Friday, reaching $103.27. 711,779 shares of the company traded hands, compared to its average volume of 567,664. The stock's 50 day moving average price is $81.94 and its two-hundred day moving average price is $66.48. The company has a market cap of $6.86 billion, a price-to-earnings ratio of -34.31 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 1-year low of $44.31 and a 1-year high of $104.87.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The company had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The firm's revenue for the quarter was up 66.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.55) earnings per share. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 1,500 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the sale, the chief accounting officer directly owned 922 shares of the company's stock, valued at approximately $87,590. The trade was a 61.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Shulman sold 3,984 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $90.08, for a total value of $358,878.72. Following the completion of the transaction, the insider directly owned 8,509 shares in the company, valued at $766,490.72. The trade was a 31.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,989 shares of company stock valued at $9,558,460. Corporate insiders own 6.10% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RYTM shares. Morgan Stanley reiterated an "overweight" rating and issued a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, August 5th. Oppenheimer lifted their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Canaccord Genuity Group lifted their price objective on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Bank of America lifted their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Finally, Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an "outperform" rating and a $88.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has an average rating of "Buy" and an average price target of $101.57.

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.