Balyasny Asset Management L.P. Makes New $7.75 Million Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC lifted its holdings in Rhythm Pharmaceuticals by 79.6% during the third quarter. Barclays PLC now owns 106,397 shares of the company's stock worth $5,574,000 after acquiring an additional 47,166 shares during the period. Franklin Resources Inc. increased its position in shares of Rhythm Pharmaceuticals by 11.5% during the 3rd quarter. Franklin Resources Inc. now owns 259,416 shares of the company's stock valued at $13,033,000 after purchasing an additional 26,739 shares during the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $28,000. KBC Group NV boosted 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 worth $126,000 after buying an additional 988 shares during the last quarter. Finally, R Squared Ltd bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $44,000.

Rhythm Pharmaceuticals Trading Up 2.8%

Shares of NASDAQ RYTM traded up $1.59 during midday trading on Monday, hitting $58.97. 561,969 shares of the company's stock were exchanged, compared to its average volume of 548,194. The business's fifty day moving average price is $56.95 and its two-hundred day moving average price is $57.10. The company has a market cap of $3.75 billion, a price-to-earnings ratio of -13.62 and a beta of 2.36. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58.

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

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the sale, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. The trade was a 23.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joseph Shulman sold 794 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $45,662.94. Following the completion of the transaction, the insider now directly owns 6 shares in the company, valued at approximately $345.06. The trade was a 99.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,544 shares of company stock worth $8,245,925. 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.