Renaissance Technologies LLC Lowers Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Renaissance Technologies reduced its Rhythm Pharmaceuticals stake by 24.4% in the first quarter, selling 83,182 shares and retaining 258,011 shares valued at approximately $22.4 million.
• Rhythm Pharmaceuticals reported stronger-than-expected quarterly results, with revenue rising 83.8% year over year to $60.11 million and EPS of negative $0.83, beating consensus estimates.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus from 15 Buy, two Hold, and one Sell rating; the average price target is $138.73 versus a recent price of $106.53.

Renaissance Technologies LLC cut its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 24.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 258,011 shares of the company's stock after selling 83,182 shares during the period. Renaissance Technologies LLC owned about 0.38% of Rhythm Pharmaceuticals worth $22,439,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in RYTM. EverSource Wealth Advisors LLC boosted its position in Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after buying an additional 200 shares during the period. SBI Securities Co. Ltd. increased its position in shares of Rhythm Pharmaceuticals by 73.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after acquiring an additional 145 shares during the period. GAMMA Investing LLC raised its stake in shares of Rhythm Pharmaceuticals by 48.6% during the fourth quarter. GAMMA Investing LLC now owns 361 shares of the company's stock valued at $39,000 after acquiring an additional 118 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Rhythm Pharmaceuticals by 39.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock worth $43,000 after purchasing an additional 113 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company's stock worth $62,000 after purchasing an additional 444 shares during the period.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $106.53 on Thursday. The company's 50-day simple moving average is $100.03 and its 200-day simple moving average is $95.91. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The stock has a market capitalization of $7.30 billion, a P/E ratio of -34.04 and a beta of 1.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The firm had revenue of $60.11 million during the quarter, compared to analyst estimates of $55.78 million. During the same quarter in the previous year, the business posted ($0.81) EPS. Rhythm Pharmaceuticals's revenue was up 83.8% on a year-over-year basis. On average, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.1 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals 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 directly owned 7,000 shares of the company's stock, valued at approximately $702,240. The trade was a 84.09% 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 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Stifel Nicolaus set a $133.00 price target on Rhythm Pharmaceuticals in a research note on Monday, June 15th. TD Cowen restated a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Finally, Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an "overweight" rating in a research report on Monday, June 15th. Fifteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $138.73.

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.

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