Pictet Asset Management Holding SA Purchases 52,383 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Pictet Asset Management boosted its stake in Rhythm Pharmaceuticals by 8.5% in the first quarter, buying 52,383 additional shares and bringing its total holding to 667,046 shares worth about $57.3 million.
• Insider selling was notable, with Director Lynn A. Tetrault selling 37,000 shares on June 22 for about $3.7 million, reducing her position by 84.09% under a pre-arranged trading plan.
• Analysts remain generally bullish on RYTM: the stock carries a consensus “Moderate Buy” rating with an average price target of $133.12, while shares recently traded at $110.04 after the company posted stronger-than-expected quarterly revenue and EPS.

Pictet Asset Management Holding SA increased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 8.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 667,046 shares of the company's stock after buying an additional 52,383 shares during the period. Pictet Asset Management Holding SA owned 0.98% of Rhythm Pharmaceuticals worth $57,329,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings 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 acquiring an additional 23,506 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Rhythm Pharmaceuticals by 6.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company's stock worth $1,874,000 after purchasing an additional 2,126 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 62.9% during the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company's stock worth $423,000 after purchasing an additional 2,740 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of 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 purchasing an additional 24,152 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Rhythm Pharmaceuticals by 10.0% in the second quarter. Sei Investments Co. now owns 33,145 shares of the company's stock worth $2,095,000 after purchasing an additional 3,004 shares during the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Jefferies Financial Group reiterated a "buy" rating and set a $125.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, March 3rd. Telsey Advisory Group set a $143.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, March 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 21st. Citizens Jmp dropped their price objective on shares of Rhythm Pharmaceuticals from $176.00 to $152.00 and set a "market outperform" rating for the company in a report on Tuesday, March 17th. Finally, HC Wainwright cut their target price on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $133.12.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $110.04 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 1 year low of $62.29 and a 1 year high of $122.20. The stock has a 50 day simple moving average of $91.16 and a two-hundred day simple moving average of $95.92. The firm has a market cap of $7.54 billion, a P/E ratio of -35.16 and a beta of 1.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, topping 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 business's revenue was up 83.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.81) earnings per share. On average, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.11 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.