Invesco Ltd. Reduces Position in Rhythm Pharmaceuticals, Inc. $RYTM

Invesco Ltd. lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 13.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 261,902 shares of the company’s stock after selling 40,944 shares during the quarter. Invesco Ltd.’s holdings in Rhythm Pharmaceuticals were worth $13,873,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $61,000. GF Fund Management CO. LTD. bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth approximately $72,000. CWM LLC grew its stake in Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company’s stock worth $137,000 after purchasing an additional 1,240 shares in the last quarter. Bayforest Capital Ltd bought a new position in Rhythm Pharmaceuticals in the first quarter worth approximately $166,000. Finally, Raymond James Financial Inc. bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth approximately $218,000.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $103.27 on Friday. The company has a 50 day moving average price of $81.94 and a 200-day moving average price of $66.44. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $44.31 and a fifty-two week high of $104.87. The stock has a market capitalization of $6.86 billion, a PE ratio of -34.31 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million during the quarter, compared to analysts’ expectations of $43.72 million. During the same period in the previous year, the company posted ($0.55) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 66.8% on a year-over-year basis. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Activity

In other news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the transaction, the insider owned 8,509 shares of the company’s stock, valued at $661,830.02. The trade was a 48.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the transaction, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. The trade was a 44.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 114,989 shares of company stock worth $9,558,460 in the last quarter. 6.10% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RYTM has been the topic of several research analyst reports. Bank of America increased their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, July 10th. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an “outperform” rating and a $88.00 price objective on the stock. Guggenheim increased their price objective on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Wall Street Zen raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, JMP Securities increased their price objective on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $101.57.

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.