Victory Capital Management Inc. Reduces Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Victory Capital Management Inc. lowered its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 5.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,152 shares of the company’s stock after selling 1,034 shares during the period. Victory Capital Management Inc.’s holdings in Rhythm Pharmaceuticals were worth $960,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SRS Capital Advisors Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after acquiring an additional 400 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $37,000. R Squared Ltd purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $44,000. Finally, KBC Group NV raised its holdings in shares of Rhythm Pharmaceuticals by 78.2% in the 4th quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after acquiring an additional 988 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. HC Wainwright increased their price objective on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Finally, Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.46.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $54.23 on Friday. The stock’s 50 day simple moving average is $55.38 and its 200 day simple moving average is $54.80. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -12.52 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the sale, the executive vice president now directly owns 40,370 shares in the company, valued at approximately $2,078,247.60. This trade represents a 65.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,787 shares of company stock worth $5,762,443. 5.60% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Company 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.