176,882 Rhythm Pharmaceuticals, Inc. $RYTM Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management nearly doubled its Rhythm Pharmaceuticals position, purchasing 176,882 additional shares in the third quarter and bringing its holdings to 363,373 shares valued at approximately $34.6 million.
• Analysts remain broadly optimistic, with 18 Buy ratings, a consensus “Moderate Buy” rating, and an average price target of $142.50. Rhythm also reported stronger-than-expected quarterly results, including revenue growth of 46.9% year over year.
• Insiders sold 258,450 shares worth roughly $28.8 million during the latest quarter, while the stock was trading at $86.17, below its 50-day and 200-day moving averages.

Assenagon Asset Management S.A. increased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 94.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 363,373 shares of the company's stock after purchasing an additional 176,882 shares during the quarter. Assenagon Asset Management S.A. owned 0.53% of Rhythm Pharmaceuticals worth $34,599,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of RYTM. GAMMA Investing LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company's stock valued at $40,000 after purchasing an additional 97 shares in the last quarter. Cim Investment Management Inc. lifted its stake in Rhythm Pharmaceuticals by 7.2% in the 2nd quarter. Cim Investment Management Inc. now owns 3,209 shares of the company's stock valued at $356,000 after buying an additional 216 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Rhythm Pharmaceuticals by 106.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company's stock valued at $48,000 after buying an additional 283 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in Rhythm Pharmaceuticals by 14.1% during the 1st quarter. Chicago Partners Investment Group LLC now owns 3,125 shares of the company's stock valued at $266,000 after buying an additional 386 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,079 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $119.75, for a total value of $608,210.25. Following the sale, the insider directly owned 15,915 shares of the company's stock, valued at approximately $1,905,821.25. This trade represents a 24.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.57, for a total value of $912,695.91. Following the completion of the sale, the insider owned 2,295 shares of the company's stock, valued at $269,823.15. This trade represents a 77.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,450 shares of company stock worth $28,796,497 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Royal Bank Of Canada raised their price target on Rhythm Pharmaceuticals from $155.00 to $159.00 and gave the stock an "outperform" rating in a research report on Thursday, October 8th. Wolfe Research began coverage on Rhythm Pharmaceuticals in a research report on Thursday, September 17th. They issued an "outperform" rating on the stock. William Blair began coverage on Rhythm Pharmaceuticals in a research report on Friday. They issued an "outperform" rating on the stock. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, September 14th. They set an "outperform" rating and a $133.00 price objective on the stock. Finally, National Bank Financial set a $160.00 price objective on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.50.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $86.17 on Friday. Rhythm Pharmaceuticals, Inc. has a 1 year low of $74.50 and a 1 year high of $122.20. The firm's 50 day moving average price is $101.76 and its 200 day moving average price is $97.88. The firm has a market cap of $5.91 billion, a P/E ratio of -27.71 and a beta of 2.01.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping analysts' consensus estimates of ($0.81) by $0.08. The company had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%. The business's revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.75) EPS. As a group, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -2.75 EPS for the current year.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare genetic diseases of obesity and other disorders involving the melanocortin-4 receptor (MC4R) pathway. The company's research is centered on conditions in which genetic defects disrupt the body's regulation of appetite, hunger and energy expenditure.

Rhythm's lead product is IMCIVREE (setmelanotide), an MC4R agonist designed to restore signaling in the brain's melanocortin pathway.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.