Primecap Management Co. CA Sells 435,200 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Primecap Management Co. CA trimmed its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 7,312,391 shares of the company’s stock after selling 435,200 shares during the quarter. Primecap Management Co. CA owned approximately 0.12% of Rhythm Pharmaceuticals worth $300,247,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Rice Hall James & Associates LLC lifted its position in Rhythm Pharmaceuticals by 3.7% in the 2nd quarter. Rice Hall James & Associates LLC now owns 93,081 shares of the company’s stock valued at $3,822,000 after acquiring an additional 3,355 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Candriam S.C.A. purchased a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at approximately $11,143,000. National Bank of Canada FI boosted its position in shares of Rhythm Pharmaceuticals by 10.0% during the second quarter. National Bank of Canada FI now owns 404,242 shares of the company’s stock valued at $17,249,000 after buying an additional 36,725 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in Rhythm Pharmaceuticals by 12.3% during the second quarter. TD Asset Management Inc now owns 31,000 shares of the company’s stock worth $1,273,000 after buying an additional 3,400 shares in the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 17,501 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total value of $868,924.65. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $148,950. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at approximately $148,950. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lynn A. Tetrault sold 4,300 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $150,030. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,282 shares of company stock worth $4,550,639. 5.60% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Stock Down 0.2 %

RYTM stock opened at $49.52 on Tuesday. The firm has a market cap of $3.03 billion, a PE ratio of -10.70 and a beta of 2.07. The business has a 50 day moving average of $47.57 and a 200-day moving average of $42.86. Rhythm Pharmaceuticals, Inc. has a 12-month low of $20.97 and a 12-month high of $53.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.82) EPS. On average, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $55.83.

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.