Rhythm Pharmaceuticals, Inc. $RYTM Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management trimmed its stake in Rhythm Pharmaceuticals by 10%, selling 68,354 shares and retaining 614,663 shares (about 0.92% of the company) valued at roughly $66.19 million.
• Company insiders have sold 27,267 shares (~$2.72 million) over the past three months, including notable sales by the CAO and CFO, with corporate insiders now owning 6.10% of the stock.
• Analysts have an average rating of "Moderate Buy" with a target price of $131.13, and Rhythm recently beat EPS estimates while reporting 36.9% year-over-year revenue growth to $57.25 million.

Pictet Asset Management Holding SA decreased its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 614,663 shares of the company's stock after selling 68,354 shares during the quarter. Pictet Asset Management Holding SA owned about 0.92% of Rhythm Pharmaceuticals worth $66,187,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Smartleaf Asset Management LLC lifted its position in Rhythm Pharmaceuticals by 97.2% in the third quarter. Smartleaf Asset Management LLC now owns 286 shares of the company's stock valued at $29,000 after buying an additional 141 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Rhythm Pharmaceuticals by 1,110.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 351 shares of the company's stock valued at $35,000 after acquiring an additional 322 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 48.6% in the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company's stock worth $39,000 after acquiring an additional 118 shares during the last quarter. Optiver Holding B.V. boosted its position in shares of Rhythm Pharmaceuticals by 65.2% during the 3rd quarter. Optiver Holding B.V. now owns 365 shares of the company's stock worth $37,000 after purchasing an additional 144 shares during the period. Finally, Osaic Holdings Inc. increased its holdings in Rhythm Pharmaceuticals by 65.9% in the 2nd quarter. Osaic Holdings Inc. now owns 979 shares of the company's stock valued at $62,000 after purchasing an additional 389 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Needham & Company LLC cut their target price on Rhythm Pharmaceuticals from $139.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, March 17th. Citizens Jmp dropped their price objective on Rhythm Pharmaceuticals from $176.00 to $152.00 and set a "market outperform" rating for the company in a research note on Tuesday, March 17th. Wells Fargo & Company increased their target price on Rhythm Pharmaceuticals from $136.00 to $143.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. Zacks Research upgraded Rhythm Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 17th. Finally, Bank of America dropped their target price on Rhythm Pharmaceuticals from $145.00 to $139.00 and set a "buy" rating for the company in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $131.13.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 5,614 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the sale, the chief accounting officer directly owned 160 shares in the company, valued at approximately $14,329.60. This represents a 97.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hunter C. Smith sold 4,385 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total transaction of $444,025.10. Following the completion of the sale, the chief financial officer directly owned 110,512 shares in the company, valued at approximately $11,190,445.12. This trade represents a 3.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 27,267 shares of company stock valued at $2,719,955. Corporate insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Trading Down 1.2%

Shares of NASDAQ RYTM opened at $84.18 on Wednesday. The stock has a market cap of $5.75 billion, a P/E ratio of -27.07 and a beta of 2.14. The business's fifty day simple moving average is $88.94 and its 200-day simple moving average is $99.86. Rhythm Pharmaceuticals, Inc. has a 12-month low of $55.31 and a 12-month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.06. The firm had revenue of $57.25 million during the quarter, compared to analysts' expectations of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.Rhythm Pharmaceuticals's revenue for the quarter was up 36.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.72) EPS. On average, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.08 EPS for the current fiscal 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.

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