Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 14.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 375,349 shares of the company’s stock after purchasing an additional 46,010 shares during the quarter. Pictet Asset Management Holding SA owned 0.61% of Rhythm Pharmaceuticals worth $21,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SRS Capital Advisors Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 740.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after buying an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth $37,000. R Squared Ltd purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter valued at $44,000. Finally, KBC Group NV boosted its position in shares of Rhythm Pharmaceuticals by 78.2% in the 4th quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after purchasing an additional 988 shares during the period.

Rhythm Pharmaceuticals Trading Down 3.3 %

RYTM stock opened at $52.97 on Tuesday. The firm has a market cap of $3.35 billion, a PE ratio of -12.23 and a beta of 2.30. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The company has a fifty day simple moving average of $55.22 and a 200 day simple moving average of $55.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The company had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. As a group, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RYTM shares. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. The Goldman Sachs Group raised their price objective on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Canaccord Genuity Group boosted their target price on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Stifel Nicolaus started coverage on Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 target price for the company. Finally, Morgan Stanley reissued an “overweight” rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.46.

Insiders Place Their Bets

In related news, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the transaction, the executive vice president now owns 40,370 shares in the company, valued at $2,078,247.60. This trade represents a 65.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Hunter C. Smith sold 1,678 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $99,723.54. Following the transaction, the chief financial officer now directly owns 101,186 shares of the company’s stock, valued at approximately $6,013,483.98. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,131 shares of company stock valued at $5,781,098 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

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.