Jefferies Financial Group Inc. Purchases New Shares in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Jefferies Financial Group Inc. has invested approximately $906,000 in Rhythm Pharmaceuticals by acquiring 17,100 shares during the first quarter.
• Wall Street analysts have shown optimism for Rhythm Pharmaceuticals, with multiple firms raising price targets; the consensus price target is now $100.14 with a majority rating of "Buy."
• Insider trading activity has been notable, with several executives selling shares, totaling 81,417 shares worth $6.35 million over the last 90 days, while insiders currently hold 6.10% of the stock.

Jefferies Financial Group Inc. purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,100 shares of the company's stock, valued at approximately $906,000.

Several other institutional investors also recently bought and sold shares of the stock. State of Wyoming bought a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $61,000. GF Fund Management CO. LTD. purchased a new position in Rhythm Pharmaceuticals during the fourth quarter worth $72,000. CWM LLC increased its position in Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after acquiring an additional 1,240 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at $166,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at $218,000.

Rhythm Pharmaceuticals Trading Up 2.7%

Shares of RYTM traded up $2.47 during trading hours on Thursday, hitting $92.48. The company had a trading volume of 557,282 shares, compared to its average volume of 723,115. Rhythm Pharmaceuticals, Inc. has a one year low of $43.57 and a one year high of $94.80. The company's fifty day moving average price is $74.76 and its two-hundred day moving average price is $63.44.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $43.72 million. During the same period in the previous year, the company posted ($0.55) earnings per share. The business's revenue for the quarter was up 66.8% on a year-over-year basis. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were 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 of the company's stock, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total value of $308,222.75. Following the sale, the chief accounting officer directly owned 922 shares in the company, valued at $74,451.50. This represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 81,417 shares of company stock worth $6,352,511 over the last three months. Corporate insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RYTM. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 price target on the stock. Wells Fargo & Company upped their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price target (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Bank of America upped their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. Finally, Oppenheimer increased their target price on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.