Swiss National Bank Sells 900 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Swiss National Bank lowered its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 1.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 89,300 shares of the company’s stock after selling 900 shares during the period. Swiss National Bank owned approximately 0.14% of Rhythm Pharmaceuticals worth $4,730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 445,429 shares of the company’s stock worth $23,594,000 after buying an additional 5,179 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at approximately $71,038,000. BIT Capital GmbH bought a new position in Rhythm Pharmaceuticals in the 1st quarter worth approximately $319,000. PNC Financial Services Group Inc. boosted its holdings in Rhythm Pharmaceuticals by 1,386.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company’s stock worth $239,000 after buying an additional 4,214 shares during the period. Finally, Jefferies Financial Group Inc. purchased a new position in Rhythm Pharmaceuticals in the 1st quarter valued at approximately $906,000.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 3,984 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $90.08, for a total value of $358,878.72. Following the transaction, the insider owned 8,509 shares in the company, valued at approximately $766,490.72. The trade was a 31.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alastair Garfield sold 1,319 shares of the business’s stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total value of $85,484.39. Following the completion of the sale, the insider owned 3,126 shares of the company’s stock, valued at $202,596.06. The trade was a 29.67% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 114,989 shares of company stock valued at $9,558,460. 6.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RYTM shares. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a “strong-buy” rating in a research report on Monday, July 7th. Bank of America raised their target price on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, July 10th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target (up from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. HC Wainwright boosted their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group started coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a “buy” rating and a $97.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $101.57.

Rhythm Pharmaceuticals Trading Down 0.9%

Shares of NASDAQ RYTM opened at $97.19 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $43.57 and a 1-year high of $99.04. The stock’s 50-day moving average is $79.69 and its 200 day moving average is $65.62. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of -32.29 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. During the same quarter in the previous year, the firm posted ($0.55) earnings per share. The company’s revenue was up 66.8% compared to the same quarter last year. On average, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal 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.