Persistent Asset Partners Ltd Sells 6,811 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Persistent Asset Partners Ltd reduced its stake in Rhythm Pharmaceuticals by 37.2%, selling 6,811 shares and retaining 11,501 shares valued at approximately $609,000.
• Recent insider activity includes the CFO and another insider selling a total of 81,417 shares worth over $6.35 million, reflecting significant reductions in their holdings.
• Rhythm Pharmaceuticals reported quarterly earnings of ($0.75) per share, missing estimates, but experienced a 66.8% year-over-year revenue increase, totaling $48.50 million for the quarter.

Persistent Asset Partners Ltd trimmed its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 37.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,501 shares of the company's stock after selling 6,811 shares during the period. Persistent Asset Partners Ltd's holdings in Rhythm Pharmaceuticals were worth $609,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Westfield Capital Management Co. LP acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at $71,038,000. Janus Henderson Group PLC increased its stake in Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after buying an additional 621,432 shares during the last quarter. Marshall Wace LLP increased its stake in Rhythm Pharmaceuticals by 70.4% in the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock valued at $38,783,000 after buying an additional 286,188 shares during the last quarter. Stempoint Capital LP increased its stake in Rhythm Pharmaceuticals by 404.1% in the 4th quarter. Stempoint Capital LP now owns 208,016 shares of the company's stock valued at $11,645,000 after buying an additional 166,748 shares during the last quarter. Finally, Integral Health Asset Management LLC acquired a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at $8,397,000.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. This trade represents a 26.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the sale, the insider directly owned 19,209 shares in the company, valued at $1,481,590.17. The trade was a 44.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 81,417 shares of company stock worth $6,352,511 in the last ninety days. 6.10% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Stock Up 2.5%

RYTM opened at $94.31 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 52-week low of $43.57 and a 52-week high of $94.80. The company has a market cap of $6.26 billion, a P/E ratio of -31.33 and a beta of 2.38. The firm's 50-day moving average price is $75.98 and its 200-day moving average price is $64.02.

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

Analyst Ratings Changes

RYTM has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. JMP Securities increased their target price on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 target price on the stock. Oppenheimer increased their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Finally, Leerink Partnrs raised shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Buy" and an average target price of $101.57.

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.

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