Panagora Asset Management Inc. Sells 21,696 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Panagora Asset Management Inc. cut its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 15.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 119,466 shares of the company’s stock after selling 21,696 shares during the period. Panagora Asset Management Inc.’s holdings in Rhythm Pharmaceuticals were worth $7,549,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RYTM. New York State Common Retirement Fund lifted its position in shares of Rhythm Pharmaceuticals by 247.9% in the 2nd quarter. New York State Common Retirement Fund now owns 58,618 shares of the company’s stock worth $3,704,000 after purchasing an additional 41,768 shares during the period. Virtus Investment Advisers LLC increased its position in shares of Rhythm Pharmaceuticals by 9.4% during the second quarter. Virtus Investment Advisers LLC now owns 7,052 shares of the company’s stock worth $446,000 after buying an additional 606 shares during the period. Norges Bank bought a new position in Rhythm Pharmaceuticals during the second quarter worth $13,105,000. Russell Investments Group Ltd. lifted its holdings in Rhythm Pharmaceuticals by 14.1% in the second quarter. Russell Investments Group Ltd. now owns 130,998 shares of the company’s stock valued at $8,278,000 after buying an additional 16,220 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in Rhythm Pharmaceuticals by 32.6% in the second quarter. Advisors Asset Management Inc. now owns 13,596 shares of the company’s stock valued at $859,000 after buying an additional 3,346 shares during the period.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $101.39 on Wednesday. The business has a 50-day simple moving average of $104.03 and a 200 day simple moving average of $89.92. Rhythm Pharmaceuticals, Inc. has a one year low of $45.90 and a one year high of $116.00. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of -33.68 and a beta of 2.12.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The firm had revenue of $51.30 million during the quarter, compared to the consensus estimate of $50.71 million. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Activity

In related news, insider Joseph Shulman sold 14,437 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $112.03, for a total value of $1,617,377.11. Following the transaction, the insider directly owned 8,509 shares in the company, valued at $953,263.27. This trade represents a 62.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 27,000 shares of company stock valued at $3,064,490. 6.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

RYTM has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, October 8th. HC Wainwright upped their target price on Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Wall Street Zen cut Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. JMP Securities lifted their target price on Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the stock a “market outperform” rating in a report on Thursday, September 25th. Finally, Oppenheimer cut Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $114.86.

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.