Assenagon Asset Management S.A. Purchases Shares of 22,192 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Assenagon Asset Management S.A. acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,192 shares of the company's stock, valued at approximately $1,176,000.

A number of other hedge funds have also recently made changes to their positions in the business. First Trust Advisors LP lifted its stake in shares of Rhythm Pharmaceuticals by 67.2% in the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after purchasing an additional 47,575 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at approximately $521,000. SBI Securities Co. Ltd. bought a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at approximately $37,000. BNP Paribas Financial Markets boosted its holdings in Rhythm Pharmaceuticals by 491.0% during the 4th quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock valued at $4,772,000 after acquiring an additional 70,824 shares during the period. Finally, Teacher Retirement System of Texas boosted its holdings in Rhythm Pharmaceuticals by 18.5% during the 4th quarter. Teacher Retirement System of Texas now owns 13,586 shares of the company's stock valued at $761,000 after acquiring an additional 2,117 shares during the period.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded up $0.51 during mid-day trading on Friday, hitting $61.99. 719,497 shares of the company's stock traded hands, compared to its average volume of 551,150. The company has a fifty day moving average of $62.34 and a 200 day moving average of $57.97. Rhythm Pharmaceuticals, Inc. has a twelve month low of $39.46 and a twelve month high of $69.89. The company has a market capitalization of $3.94 billion, a P/E ratio of -22.06 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The business had revenue of $37.72 million for the quarter, compared to analyst estimates of $40.43 million. During the same period in the prior year, the company earned ($2.35) earnings per share. The company's quarterly revenue was up 25.9% on a year-over-year basis. On average, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on RYTM shares. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective for the company in a report on Monday, April 7th. Morgan Stanley restated an "overweight" rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. HC Wainwright restated a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Stifel Nicolaus lifted their target price on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $76.62.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 20,760 shares of the company's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total transaction of $1,248,506.40. Following the transaction, the insider now directly owns 19,209 shares of the company's stock, valued at $1,155,229.26. This represents a 51.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Yann Mazabraud sold 17,750 shares of the company's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.99, for a total value of $1,082,572.50. Following the transaction, the executive vice president now directly owns 22,620 shares in the company, valued at $1,379,593.80. This represents a 43.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,386 shares of company stock valued at $3,845,167 in the last ninety days. Corporate insiders own 6.10% of the company's stock.

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.