Frazier Life Sciences Management L.P. Trims Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Frazier Life Sciences Management L.P. reduced its holdings in Rhythm Pharmaceuticals by 63.7%, selling over 1.1 million shares, which now represents 1.6% of their total holdings.
• Several other institutional investors, including Victory Capital Management and Xponance Inc., have increased their positions in Rhythm Pharmaceuticals during the same period.
• Analysts have generally positive ratings for Rhythm Pharmaceuticals, with consensus ratings indicating a "Buy" and a price target of $101.57.

Frazier Life Sciences Management L.P. trimmed its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 678,760 shares of the company's stock after selling 1,191,048 shares during the period. Rhythm Pharmaceuticals accounts for 1.6% of Frazier Life Sciences Management L.P.'s portfolio, making the stock its 14th largest position. Frazier Life Sciences Management L.P. owned 1.07% of Rhythm Pharmaceuticals worth $35,954,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth about $34,000. State of Wyoming purchased a new position in Rhythm Pharmaceuticals during the fourth quarter worth approximately $61,000. GF Fund Management CO. LTD. purchased a new position in Rhythm Pharmaceuticals during the fourth quarter worth approximately $72,000. CWM LLC boosted its position in Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after purchasing an additional 1,240 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $166,000.

Insider Buying and Selling

In other news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total transaction of $619,828.82. Following the sale, the insider owned 8,509 shares in the company, valued at approximately $661,830.02. The trade was a 48.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christopher Paul German sold 3,817 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total value of $308,222.75. Following the sale, the chief accounting officer owned 922 shares in the company, valued at $74,451.50. This trade represents a 80.54% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,146 shares of company stock valued at $9,499,093. 6.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

RYTM has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. JMP Securities increased their price target on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 6th. HC Wainwright increased their target price on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Leerink Partners began coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 target price for the company. Finally, Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. According to MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $101.57.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $2.45 during midday trading on Friday, hitting $102.12. The company had a trading volume of 533,575 shares, compared to its average volume of 544,176. Rhythm Pharmaceuticals, Inc. has a twelve month low of $45.90 and a twelve month 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 business's 50-day simple moving average is $90.03 and its 200-day simple moving average is $69.50.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) 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 company had revenue of $48.50 million during the quarter, compared to analyst estimates of $43.72 million. During the same period in the prior year, the business posted ($0.55) EPS. Rhythm Pharmaceuticals's revenue for the quarter was up 66.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

About Rhythm Pharmaceuticals

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.