Primecap Management Co. CA Sells 435,200 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Primecap Management Co. CA decreased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,312,391 shares of the company’s stock after selling 435,200 shares during the quarter. Primecap Management Co. CA owned approximately 11.99% of Rhythm Pharmaceuticals worth $300,247,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RYTM. CWM LLC boosted its stake in shares of Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares in the last quarter. ORG Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $51,000. Quest Partners LLC grew its holdings in Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares during the last quarter. Quarry LP acquired a new position in Rhythm Pharmaceuticals in the 4th quarter valued at approximately $69,000. Finally, ZRC Wealth Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 392.8% during the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after acquiring an additional 1,571 shares during the last quarter.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $49.52 on Tuesday. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of -10.70 and a beta of 2.07. Rhythm Pharmaceuticals, Inc. has a 52-week low of $20.97 and a 52-week high of $53.92. The firm has a 50 day moving average price of $47.57 and a two-hundred day moving average price of $42.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its 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 business had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. Rhythm Pharmaceuticals’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.82) earnings per share. As a group, equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 10,468 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the sale, the insider now owns 30 shares in the company, valued at approximately $1,590. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the sale, the insider now directly owns 31,735 shares in the company, valued at approximately $1,556,919.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 10,468 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the sale, the insider now directly owns 30 shares of the company’s stock, valued at $1,590. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,282 shares of company stock valued at $4,550,639. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

Separately, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.83.

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.