Wellington Management Group LLP Trims Stock Position in Rhythm Pharmaceuticals, Inc. $RYTM

Wellington Management Group LLP cut its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 7.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,558 shares of the company’s stock after selling 1,997 shares during the quarter. Wellington Management Group LLP’s holdings in Rhythm Pharmaceuticals were worth $1,248,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Algert Global LLC increased its stake in Rhythm Pharmaceuticals by 47.9% during the first quarter. Algert Global LLC now owns 61,461 shares of the company’s stock worth $3,256,000 after acquiring an additional 19,910 shares during the last quarter. Aberdeen Group plc increased its stake in Rhythm Pharmaceuticals by 34.3% during the first quarter. Aberdeen Group plc now owns 108,129 shares of the company’s stock worth $5,728,000 after acquiring an additional 27,612 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Rhythm Pharmaceuticals during the first quarter worth about $1,016,000. E Fund Management Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals during the first quarter worth about $286,000. Finally, Russell Investments Group Ltd. increased its stake in Rhythm Pharmaceuticals by 11,412.3% during the first quarter. Russell Investments Group Ltd. now owns 114,778 shares of the company’s stock worth $6,080,000 after acquiring an additional 113,781 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have commented on RYTM. Canaccord Genuity Group upped their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price (up from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. HC Wainwright raised their target price on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Guggenheim raised their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Finally, JMP Securities raised their target price on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the company a “market outperform” rating in a report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $101.57.

Rhythm Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ RYTM opened at $103.15 on Monday. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $104.93. The business has a 50 day moving average price of $85.96 and a two-hundred day moving average price of $68.06. The firm has a market cap of $6.85 billion, a PE ratio of -34.27 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued 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 net margin of 117.13% and a negative return on equity of 1,831.43%. The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. During the same quarter last year, the business earned ($0.55) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 66.8% compared to the same quarter last year. On average, analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 4,188 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the completion of the sale, the insider owned 8,509 shares in the company, valued at $851,495.63. This trade represents a 32.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pamela J. Cramer sold 1,520 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $85.93, for a total value of $130,613.60. Following the sale, the insider owned 20,814 shares of the company’s stock, valued at approximately $1,788,547.02. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,177 shares of company stock worth $9,977,553 in the last quarter. Company insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Profile

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.