Assenagon Asset Management S.A. Trims Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Assenagon Asset Management S.A. cut its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 91.3% in the 3rd quarter, Holdings Channel reports. The fund owned 20,052 shares of the company’s stock after selling 209,439 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Rhythm Pharmaceuticals were worth $1,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in Rhythm Pharmaceuticals by 348.9% during the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after acquiring an additional 26,214 shares during the last quarter. Castleark Management LLC purchased a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $2,769,000. Bayesian Capital Management LP acquired a new position in Rhythm Pharmaceuticals during the 1st quarter worth approximately $665,000. Frazier Life Sciences Management L.P. increased its position in Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after purchasing an additional 181,125 shares during the period. Finally, Vanguard Group Inc. increased its position in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after purchasing an additional 77,208 shares during the period.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the sale, the insider now owns 13,500 shares in the company, valued at approximately $609,525. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $609,525. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,857 shares of company stock worth $5,325,446. 5.60% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on RYTM shares. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday. JMP Securities started coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Bank of America boosted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Guggenheim started coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.33.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $49.01 on Friday. The stock has a market cap of $3.00 billion, a P/E ratio of -11.24 and a beta of 2.09. The stock’s 50 day simple moving average is $49.69 and its 200 day simple moving average is $45.02. Rhythm Pharmaceuticals, Inc. has a 1-year low of $23.26 and a 1-year high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. Rhythm Pharmaceuticals’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.82) EPS. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.45 EPS for the current fiscal year.

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.