Perceptive Advisors LLC Sells 172,596 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Perceptive Advisors LLC decreased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 6.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,373,795 shares of the company’s stock after selling 172,596 shares during the period. Rhythm Pharmaceuticals comprises approximately 4.0% of Perceptive Advisors LLC’s investment portfolio, making the stock its 6th biggest holding. Perceptive Advisors LLC’s holdings in Rhythm Pharmaceuticals were worth $206,449,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 303.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after acquiring an additional 200 shares during the period. SBI Securities Co. Ltd. increased its holdings in shares of Rhythm Pharmaceuticals by 73.2% during the 4th 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 last quarter. Smartleaf Asset Management LLC raised its stake in Rhythm Pharmaceuticals by 39.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after acquiring an additional 113 shares during the period. Covestor Ltd raised its stake in Rhythm Pharmaceuticals by 328.9% in the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after acquiring an additional 444 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in Rhythm Pharmaceuticals by 82.9% during the 4th quarter. Farther Finance Advisors LLC now owns 642 shares of the company’s stock valued at $69,000 after purchasing an additional 291 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 27th. They set an “overweight” rating and a $145.00 price objective for the company. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Royal Bank Of Canada raised their target price on shares of Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Canaccord Genuity Group lifted their target price on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $138.73.

Insiders Place Their Bets

In other news, Director Lynn A. Tetrault sold 37,000 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the completion of the sale, the director directly owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by corporate insiders.

Rhythm Pharmaceuticals Trading Down 6.1%

NASDAQ RYTM opened at $99.25 on Friday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $74.50 and a 1-year high of $122.20. The company has a 50 day moving average of $100.57 and a 200-day moving average of $95.97. The company has a market cap of $6.80 billion, a price-to-earnings ratio of -31.71 and a beta of 1.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.03. The business had revenue of $60.11 million during the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The firm’s revenue for the quarter was up 83.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.81) earnings per share. On average, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.08 earnings per share for the current year.

About Rhythm Pharmaceuticals

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.