Wellington Management Group LLP Decreases Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Wellington Management Group LLP cut its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 86.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,716 shares of the company’s stock after selling 174,610 shares during the period. Wellington Management Group LLP’s holdings in Rhythm Pharmaceuticals were worth $1,452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RYTM. CWM LLC grew its stake in Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Rhythm Pharmaceuticals by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 191,871 shares of the company’s stock worth $7,878,000 after buying an additional 24,033 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 32.8% in the second quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock worth $391,000 after buying an additional 2,352 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Rhythm Pharmaceuticals by 8.3% in the second quarter. Rhumbline Advisers now owns 83,063 shares of the company’s stock worth $3,411,000 after buying an additional 6,339 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Rhythm Pharmaceuticals by 12.3% in the second quarter. TD Asset Management Inc now owns 31,000 shares of the company’s stock valued at $1,273,000 after acquiring an additional 3,400 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $53.69 on Thursday. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The firm has a fifty day moving average of $56.00 and a 200-day moving average of $49.79. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -12.40 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter in the prior year, the firm earned ($0.76) EPS. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% on a year-over-year basis. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RYTM shares. Needham & Company LLC boosted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. The Goldman Sachs Group upped their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, TD Cowen raised their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.70.

Insider Buying and Selling

In other news, insider Joseph Shulman sold 13,281 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now owns 972 shares in the company, valued at $64,472.76. This represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,830 shares of company stock valued at $5,622,000 in the last three months. 5.60% of the stock is currently owned by corporate insiders.

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.