Pictet Asset Management Holding SA Acquires 46,010 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

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

Several other large investors have also recently bought and sold shares of RYTM. Charles Schwab Investment Management Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company’s stock worth $22,730,000 after purchasing an additional 5,908 shares during the period. FMR LLC grew its position in Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company’s stock worth $2,635,000 after buying an additional 22,306 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Rhythm Pharmaceuticals by 307.1% during the third quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company’s stock valued at $756,000 after acquiring an additional 10,882 shares during the period. Bellevue Group AG raised its holdings in Rhythm Pharmaceuticals by 20.8% in the 3rd quarter. Bellevue Group AG now owns 15,700 shares of the company’s stock valued at $823,000 after acquiring an additional 2,700 shares in the last quarter. Finally, HighVista Strategies LLC lifted its position in shares of Rhythm Pharmaceuticals by 160.6% in the 3rd quarter. HighVista Strategies LLC now owns 37,426 shares of the company’s stock worth $1,961,000 after acquiring an additional 23,064 shares during the period.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $52.97 on Tuesday. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -12.23 and a beta of 2.30. The stock has a fifty day moving average price of $55.22 and a two-hundred day moving average price of $55.14. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58.

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

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 1,281 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 $76,129.83. Following the completion of the sale, the insider now owns 2,657 shares in the company, valued at $157,905.51. The trade was a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Yann Mazabraud sold 75,000 shares of the company’s 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 directly owns 40,370 shares in the company, valued at $2,078,247.60. This trade represents a 65.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,131 shares of company stock worth $5,781,098. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RYTM shares. Stifel Nicolaus began coverage on Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective on the stock. Morgan Stanley reissued an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. 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 report on Thursday, December 5th. Canaccord Genuity Group upped 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. Finally, Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $69.46.

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.