Aigen Investment Management LP Purchases Shares of 7,701 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Aigen Investment Management LP purchased 7,701 shares of Rhythm Pharmaceuticals, valued at approximately $408,000, marking a new position in the company.
• Rhythm Pharmaceuticals recently upgraded ratings from several analysts, with a consensus rating of "Buy" and a price target averaging $101.57.
• The company reported a revenue increase of 66.8% year-over-year, despite missing earnings per share estimates for the quarter.

Aigen Investment Management LP bought a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,701 shares of the company's stock, valued at approximately $408,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Entropy Technologies LP acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at about $291,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Rhythm Pharmaceuticals by 730.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 50,557 shares of the company's stock worth $2,678,000 after buying an additional 44,468 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Rhythm Pharmaceuticals by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 445,429 shares of the company's stock worth $23,594,000 after buying an additional 5,179 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $71,038,000. Finally, BIT Capital GmbH acquired a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $319,000.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock traded up $1.13 during trading on Friday, hitting $97.61. The company had a trading volume of 522,257 shares, compared to its average volume of 584,828. The stock's 50-day moving average price is $78.46 and its 200 day moving average price is $65.09. Rhythm Pharmaceuticals, Inc. has a one year low of $43.57 and a one year high of $99.04. The firm has a market capitalization of $6.48 billion, a P/E ratio of -32.43 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $43.72 million. During the same quarter in the previous year, the company earned ($0.55) earnings per share. The firm's revenue for the quarter was up 66.8% on a year-over-year basis. On average, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on RYTM shares. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 price target on the stock. Wells Fargo & Company boosted their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Canaccord Genuity Group boosted their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Guggenheim boosted their price target on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $101.57.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 15,572 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total value of $1,201,068.36. Following the completion of the transaction, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total value of $3,389,817.60. Following the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. This represents a 26.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 114,989 shares of company stock valued at $9,558,460 over the last quarter. 6.10% of the stock is currently owned by insiders.

About Rhythm Pharmaceuticals

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.