Rhythm Pharmaceuticals, Inc. $RYTM Stake Reduced by Baker BROS. Advisors LP

Key Points

• Baker BROS. Advisors LP reduced its stake in Rhythm Pharmaceuticals by 7.9%, selling 479,766 shares, which now constitutes 3.6% of their overall holdings.
• Rhythm Pharmaceuticals reported a quarterly EPS of ($0.75), missing estimates, but their revenue grew by 66.8% year-over-year to $48.5 million.
• Analyst ratings for Rhythm Pharmaceuticals are mostly positive, with one "Strong Buy" and fourteen "Buy" ratings, alongside a consensus price target of $101.57.

Baker BROS. Advisors LP reduced its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,604,483 shares of the company's stock after selling 479,766 shares during the quarter. Rhythm Pharmaceuticals accounts for 3.6% of Baker BROS. Advisors LP's holdings, making the stock its 7th largest position. Baker BROS. Advisors LP owned approximately 8.81% of Rhythm Pharmaceuticals worth $296,869,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of RYTM. Westfield Capital Management Co. LP acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $71,038,000. Janus Henderson Group PLC grew its position in Rhythm Pharmaceuticals by 103.9% during the fourth 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 period. Price T Rowe Associates Inc. MD increased its holdings in Rhythm Pharmaceuticals by 75.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after buying an additional 513,901 shares in the last quarter. Siren L.L.C. acquired a new position in shares of Rhythm Pharmaceuticals in the first quarter worth about $14,701,000. Finally, Comerica Bank boosted its stake in shares of Rhythm Pharmaceuticals by 1,330.2% during the 1st quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after acquiring an additional 227,641 shares in the last quarter.

Rhythm Pharmaceuticals Trading Down 2.3%

RYTM traded down $2.45 on Friday, hitting $102.12. 533,575 shares of the company's stock were exchanged, compared to its average volume of 544,176. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $106.52. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of -33.93 and a beta of 2.23. The firm has a 50-day moving average price of $90.03 and a 200-day moving average price of $69.50.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. 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 company posted ($0.55) EPS. The firm's revenue was up 66.8% on a year-over-year basis. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Guggenheim increased their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Finally, Leerink Partners initiated coverage on shares of Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $101.57.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 4,188 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the transaction, the insider owned 8,509 shares of the company's stock, valued at approximately $851,495.63. The trade was a 32.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Pamela J. Cramer sold 1,520 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $85.93, for a total value of $130,613.60. Following the completion of the sale, the insider directly owned 20,814 shares of the company's stock, valued at $1,788,547.02. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,146 shares of company stock worth $9,499,093 in the last three months. Company insiders own 6.10% of the company's stock.

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.