The Manufacturers Life Insurance Company Sells 8,840 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

The Manufacturers Life Insurance Company lessened its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 14.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,769 shares of the company’s stock after selling 8,840 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Rhythm Pharmaceuticals worth $4,415,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. M&T Bank Corp acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at about $9,202,000. Jennison Associates LLC raised its stake in Rhythm Pharmaceuticals by 123.2% during the fourth quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock worth $98,323,000 after acquiring an additional 507,017 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $8,734,000. Pictet Asset Management Holding SA lifted its holdings in shares of Rhythm Pharmaceuticals by 8.5% in the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock worth $57,329,000 after acquiring an additional 52,383 shares during the last quarter. Finally, Orbimed Advisors LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 31.0% in the first quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock worth $27,317,000 after acquiring an additional 74,300 shares during the last quarter.

Rhythm Pharmaceuticals Stock Up 1.3%

Shares of NASDAQ RYTM opened at $112.10 on Friday. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20. The firm has a fifty day simple moving average of $101.96 and a 200 day simple moving average of $95.92. The company has a market capitalization of $7.68 billion, a PE ratio of -36.05 and a beta of 1.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. During the same quarter in the previous year, the business earned ($0.75) earnings per share. Rhythm Pharmaceuticals’s revenue for the quarter was up 46.9% on a year-over-year basis. As a group, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RYTM shares. National Bank Financial set a $160.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. JPMorgan Chase & Co. started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 27th. They issued an “overweight” rating and a $145.00 target price on the stock. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Canaccord Genuity Group set a $154.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday. Fifteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.38.

Insider Activity at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the sale, the director owned 7,000 shares in the company, valued at $702,240. This represents a 84.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently 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.