Balyasny Asset Management L.P. Acquires Shares of 138,363 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Balyasny Asset Management L.P. purchased a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 138,363 shares of the company's stock, valued at approximately $7,746,000. Balyasny Asset Management L.P. owned 0.23% of Rhythm Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. SRS Capital Advisors Inc. boosted its position in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock valued at $25,000 after purchasing an additional 400 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $37,000. R Squared Ltd purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $44,000. Finally, KBC Group NV increased its position in shares of Rhythm Pharmaceuticals by 78.2% in the fourth quarter. KBC Group NV now owns 2,251 shares of the company's stock valued at $126,000 after buying an additional 988 shares in the last quarter.

Insiders Place Their Bets

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 transaction of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares in the company, valued at approximately $2,078,247.60. The trade was a 65.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pamela J. Cramer sold 7,031 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $65.09, for a total value of $457,647.79. Following the completion of the sale, the insider now owns 19,209 shares of the company's stock, valued at $1,250,313.81. This trade represents a 26.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,639 shares of company stock worth $8,023,381. Insiders own 5.60% of the company's stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded up $2.14 on Thursday, reaching $59.42. 274,715 shares of the stock traded hands, compared to its average volume of 640,040. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -13.72 and a beta of 2.36. The stock's 50-day moving average price is $57.30 and its 200-day moving average price is $57.17.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The business had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.35) EPS. As a group, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Morgan Stanley reiterated an "overweight" rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Canaccord Genuity Group increased their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, April 8th. HC Wainwright reissued a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Finally, Bank of America raised Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target for the company in a research note on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $75.38.

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.