Invesco Ltd. Lowers Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Invesco Ltd. cut its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 13.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,902 shares of the company’s stock after selling 40,944 shares during the period. Invesco Ltd. owned 0.41% of Rhythm Pharmaceuticals worth $13,873,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RYTM. First Trust Advisors LP grew its holdings in Rhythm Pharmaceuticals by 67.2% during the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company’s stock valued at $6,625,000 after buying an additional 47,575 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Rhythm Pharmaceuticals by 1,386.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company’s stock valued at $239,000 after buying an additional 4,214 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Rhythm Pharmaceuticals by 491.0% during the 4th quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company’s stock valued at $4,772,000 after buying an additional 70,824 shares in the last quarter. SG Americas Securities LLC purchased a new position in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $1,042,000. Finally, Principal Financial Group Inc. grew its holdings in Rhythm Pharmaceuticals by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company’s stock valued at $1,968,000 after buying an additional 272 shares in the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 42,120 shares of the business’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the transaction, the chief financial officer owned 116,915 shares in the company, valued at $9,409,319.20. The trade was a 26.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Shulman sold 7,969 shares of the business’s stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the transaction, the insider owned 8,509 shares of the company’s stock, valued at $661,830.02. This trade represents a 48.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 114,989 shares of company stock worth $9,558,460 over the last three months. 6.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on RYTM shares. Leerink Partners started coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an “outperform” rating and a $88.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. Morgan Stanley restated an “overweight” rating and set a $109.00 price target (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a “buy” rating and a $97.00 price target for the company. Finally, Stifel Nicolaus raised their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, May 29th. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $101.57.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $103.27 on Friday. Rhythm Pharmaceuticals, Inc. has a 1 year low of $44.31 and a 1 year high of $104.87. The stock’s 50 day simple moving average is $81.94 and its two-hundred day simple moving average is $66.44. The company has a market cap of $6.86 billion, a PE ratio of -34.31 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The company had revenue of $48.50 million for the quarter, compared to analysts’ expectations of $43.72 million. During the same quarter last year, the company earned ($0.55) earnings per share. The company’s revenue for the quarter was up 66.8% on a year-over-year basis. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current 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.