Exome Asset Management LLC Takes $3.53 Million Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Exome Asset Management initiated a $3.53 million position in Rhythm Pharmaceuticals, purchasing 40,581 shares, equal to approximately 0.06% of the company and 1.8% of the fund’s portfolio.
• Institutional interest has been broad, with Jennison Associates increasing its stake by 123.2% and several other major investors adding or initiating positions.
• Analysts remain broadly positive, giving Rhythm Pharmaceuticals a consensus “Moderate Buy” rating and an average price target of $138.73, while the company reported stronger-than-expected quarterly revenue and earnings.

Exome Asset Management LLC bought a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 40,581 shares of the company's stock, valued at approximately $3,529,000. Rhythm Pharmaceuticals comprises 1.8% of Exome Asset Management LLC's portfolio, making the stock its 16th biggest position. Exome Asset Management LLC owned approximately 0.06% of Rhythm Pharmaceuticals as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. M&T Bank Corp bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $9,202,000. Jennison Associates LLC grew its stake in shares of Rhythm Pharmaceuticals by 123.2% in the fourth quarter. Jennison Associates LLC now owns 918,567 shares of the company's stock valued at $98,323,000 after buying an additional 507,017 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth $8,734,000. Pictet Asset Management Holding SA increased its holdings in Rhythm Pharmaceuticals by 8.5% during the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company's stock worth $57,329,000 after buying an additional 52,383 shares during the last quarter. Finally, Los Angeles Capital Management LLC raised its position in Rhythm Pharmaceuticals by 45.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 24,334 shares of the company's stock worth $2,721,000 after acquiring an additional 7,613 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have commented on the stock. Citigroup reiterated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Royal Bank Of Canada boosted their price objective on shares of Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. began coverage on Rhythm Pharmaceuticals in a report on Monday. They set an "overweight" rating and a $145.00 price target for the company. Fifteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.73.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $106.13 on Tuesday. The business has a fifty day simple moving average of $99.30 and a two-hundred day simple moving average of $95.80. Rhythm Pharmaceuticals, Inc. has a 1 year low of $74.50 and a 1 year high of $122.20. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of -33.91 and a beta of 1.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million for the quarter, compared to the consensus estimate of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The company's quarterly revenue was up 83.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.81) earnings per share. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.1 earnings per share for the current fiscal year.

Rhythm Pharmaceuticals 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.

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