47,400 Shares in Rhythm Pharmaceuticals, Inc. $RYTM Bought by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 47,400 shares of Rhythm Pharmaceuticals worth approximately $5.3 million, representing a 0.07% stake. Several other institutional investors also increased their positions.
• Rhythm reported quarterly revenue of $71.25 million, up 46.9% year over year, and an adjusted loss of $0.73 per share, beating analyst estimates. Analysts expect a full-year loss of $2.82 per share.
• RYTM opened at $107.17, while analysts maintain a “Moderate Buy” consensus with an average price target of $141.12. Insiders have sold 182,676 shares worth about $20.8 million over the past 90 days.

Canada Pension Plan Investment Board acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,400 shares of the company's stock, valued at approximately $5,263,000. Canada Pension Plan Investment Board owned 0.07% of Rhythm Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings in Rhythm Pharmaceuticals by 303.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock worth $28,000 after buying an additional 200 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock valued at $37,000 after buying an additional 145 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Rhythm Pharmaceuticals by 36.3% during the second quarter. GAMMA Investing LLC now owns 364 shares of the company's stock worth $40,000 after acquiring an additional 97 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock worth $43,000 after acquiring an additional 113 shares during the last quarter. Finally, Global Retirement Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals in the second quarter worth approximately $51,000.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $107.17 on Monday. The company has a market cap of $7.34 billion, a P/E ratio of -34.46 and a beta of 1.92. The stock has a 50 day simple moving average of $109.78 and a two-hundred day simple moving average of $96.90. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20.

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 (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.08. The firm 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 company's revenue was up 46.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.75) earnings per share. On average, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RYTM. Citizens Jmp increased their target price on shares of Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 5th. Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. National Bank Financial set a $160.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Wells Fargo & Company upped their price objective on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an "overweight" rating in a research note on Monday, June 15th. Finally, Royal Bank Of Canada increased their price objective on shares of Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $141.12.

Insider Buying and Selling

In related news, insider Joseph Shulman sold 5,079 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $119.75, for a total transaction of $608,210.25. Following the transaction, the insider owned 15,915 shares in the company, valued at $1,905,821.25. The trade was a 24.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $117.57, for a total transaction of $912,695.91. Following the transaction, the insider directly owned 2,295 shares in the company, valued at approximately $269,823.15. This represents a 77.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 182,676 shares of company stock worth $20,754,691 over the last ninety days. 5.90% of the stock is owned by company insiders.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company's research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company's lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.

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