Clearbridge Investments LLC Reduces Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Clearbridge Investments LLC decreased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 88,108 shares of the company’s stock after selling 1,896 shares during the period. Clearbridge Investments LLC owned approximately 0.14% of Rhythm Pharmaceuticals worth $3,618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. CWM LLC increased its holdings in shares of Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the last quarter. ORG Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth about $51,000. Quarry LP acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $69,000. Quest Partners LLC raised its stake in shares of Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after acquiring an additional 1,391 shares in the last quarter. Finally, ZRC Wealth Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after buying an additional 1,571 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright started coverage on Rhythm Pharmaceuticals in a report on Wednesday, September 18th. They set a “buy” rating and a $64.00 price target for the company. Finally, JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $57.88.

Rhythm Pharmaceuticals Stock Up 2.2 %

NASDAQ:RYTM opened at $49.63 on Friday. The company has a market capitalization of $3.03 billion, a PE ratio of -10.72 and a beta of 2.07. The stock has a fifty day simple moving average of $48.26 and a 200-day simple moving average of $43.90. Rhythm Pharmaceuticals, Inc. has a 52-week low of $21.34 and a 52-week high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The company had revenue of $29.08 million during 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%. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.82) earnings per share. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.43 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $150,030. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lynn A. Tetrault sold 4,300 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $150,030. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,033 shares of company stock valued at $6,214,392. Company insiders own 5.60% of the company’s stock.

About Rhythm Pharmaceuticals

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.