6,156,902 Shares in Rhythm Pharmaceuticals, Inc. $RYTM Purchased by BlackRock Inc.

BlackRock Inc. acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,156,902 shares of the company's stock, valued at approximately $683,601,000. BlackRock Inc. owned approximately 8.98% of Rhythm Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company's stock worth $40,000 after purchasing an additional 97 shares in the last quarter. Xponance LLC raised its position in shares of Rhythm Pharmaceuticals by 2.6% in the fourth quarter. Xponance LLC now owns 4,269 shares of the company's stock valued at $457,000 after buying an additional 107 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 39.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock valued at $43,000 after buying an additional 113 shares during the period. Captrust Financial Advisors boosted its stake in shares of Rhythm Pharmaceuticals by 0.7% in the second quarter. Captrust Financial Advisors now owns 17,471 shares of the company's stock valued at $1,104,000 after buying an additional 114 shares during the period. Finally, SBI Securities Co. Ltd. grew its position in Rhythm Pharmaceuticals by 73.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after buying an additional 145 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RYTM shares. TD Cowen restated a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a research report on Monday, June 15th. JPMorgan Chase & Co. increased their target price on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Citigroup restated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company boosted their price target on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an "overweight" rating in a research note on Monday, June 15th. Fifteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $142.44.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $110.00 on Monday. The business has a fifty day simple moving average of $108.03 and a 200 day simple moving average of $96.70. The company has a market cap of $7.54 billion, a P/E ratio of -35.37 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.81) by $0.08. The firm had revenue of $71.25 million for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.75) earnings per share. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 57,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $116.15, for a total transaction of $6,620,550.00. Following the sale, the executive vice president directly owned 55,655 shares of the company's stock, valued at approximately $6,464,328.25. The trade was a 50.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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 the company's stock in a transaction that occurred 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 owned 2,295 shares of the company's stock, valued at approximately $269,823.15. This represents a 77.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 182,676 shares of company stock valued at $20,754,691. 5.90% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Profile

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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