Bank of New York Mellon Corp Cuts Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Bank of New York Mellon Corp lowered its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 293,298 shares of the company’s stock after selling 7,782 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Rhythm Pharmaceuticals worth $25,508,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of RYTM. EverSource Wealth Advisors LLC lifted its position 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 buying an additional 200 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake 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 purchasing an additional 145 shares during the period. GAMMA Investing LLC grew its holdings in Rhythm Pharmaceuticals by 48.6% in the fourth quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after buying an additional 113 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock worth $62,000 after buying an additional 444 shares during the last quarter.

Rhythm Pharmaceuticals Stock Up 3.9%

Shares of NASDAQ:RYTM opened at $106.13 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 12 month low of $74.50 and a 12 month high of $122.20. The company’s fifty day simple moving average is $99.30 and its 200 day simple moving average is $95.80. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of -33.91 and a beta of 1.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The company had revenue of $60.11 million for the quarter, compared to the consensus estimate of $55.78 million. During the same period last year, the company earned ($0.81) earnings per share. The firm’s revenue was up 83.8% compared to the same quarter last year. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -3.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on RYTM. Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. Wells Fargo & Company raised their price target on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. JPMorgan Chase & Co. began coverage on shares of Rhythm Pharmaceuticals in a research note on Monday. They set an “overweight” rating and a $145.00 target price for the company. Finally, Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.73.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director directly owned 7,000 shares of the company’s stock, valued at $702,240. This trade represents a 84.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by insiders.

Rhythm Pharmaceuticals Profile

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.