JPMorgan Chase & Co. Sells 58,554 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

JPMorgan Chase & Co. decreased its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 41.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,592 shares of the company’s stock after selling 58,554 shares during the period. JPMorgan Chase & Co. owned approximately 0.13% of Rhythm Pharmaceuticals worth $4,275,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Castleark Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 1.3% in the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after acquiring an additional 250 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after purchasing an additional 391 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at $63,000. The Manufacturers Life Insurance Company increased its position in shares of Rhythm Pharmaceuticals by 3.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock valued at $2,024,000 after purchasing an additional 1,667 shares during the last quarter. Finally, Bellevue Group AG raised its stake in shares of Rhythm Pharmaceuticals by 20.8% during the 3rd quarter. Bellevue Group AG now owns 15,700 shares of the company’s stock worth $823,000 after purchasing an additional 2,700 shares during the period.

Rhythm Pharmaceuticals Stock Down 0.2 %

NASDAQ RYTM opened at $54.54 on Friday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $35.17 and a 52 week high of $68.58. The company has a market capitalization of $3.35 billion, a P/E ratio of -12.60 and a beta of 2.16. The stock’s 50-day moving average price is $58.00 and its 200-day moving average price is $52.11.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RYTM shares. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Needham & Company LLC lifted their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JMP Securities restated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.09.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 13,281 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at $877,500. The trade was a 25.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,830 shares of company stock worth $5,622,000. 5.60% of the stock is currently owned by company insiders.

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.