Aberdeen Group plc Buys 27,612 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Aberdeen Group plc increased its stake in Rhythm Pharmaceuticals by 34.3%, owning 108,129 shares valued at approximately $5.7 million as of the latest reporting period.
• Insider trading revealed that CFO Hunter C. Smith sold 42,120 shares, resulting in a 26.48% decrease in his ownership, while total insider sales over the last quarter amounted to $9.56 million.
• Rhythm Pharmaceuticals reported a loss of $0.75 per share during its latest earnings call, exceeding analyst revenue estimates with $48.5 million in revenue, marking a 66.8% increase year-over-year.

Aberdeen Group plc raised its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 34.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 108,129 shares of the company's stock after purchasing an additional 27,612 shares during the quarter. Aberdeen Group plc owned approximately 0.17% of Rhythm Pharmaceuticals worth $5,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fox Run Management L.L.C. acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $1,016,000. E Fund Management Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $286,000. Russell Investments Group Ltd. increased its position in Rhythm Pharmaceuticals by 11,412.3% during the 1st quarter. Russell Investments Group Ltd. now owns 114,778 shares of the company's stock valued at $6,080,000 after purchasing an additional 113,781 shares during the period. Nuveen LLC acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $7,803,000. Finally, Aigen Investment Management LP acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $408,000.

Rhythm Pharmaceuticals Trading Up 2.0%

Shares of RYTM traded up $2.00 during trading hours on Tuesday, reaching $101.20. The stock had a trading volume of 643,634 shares, compared to its average volume of 581,703. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.00 and a 12 month high of $104.87. The firm has a 50-day simple moving average of $83.46 and a 200 day simple moving average of $67.04. The company has a market capitalization of $6.72 billion, a price-to-earnings ratio of -33.62 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. During the same quarter in the prior year, the business earned ($0.55) earnings per share. Rhythm Pharmaceuticals's revenue for the quarter was up 66.8% on a year-over-year basis. On average, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 7,969 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total value of $619,828.82. Following the transaction, the insider directly owned 8,509 shares in the company, valued at $661,830.02. This trade represents a 48.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hunter C. Smith sold 42,120 shares of the 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 completion of the transaction, the chief financial officer owned 116,915 shares in the company, 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 119,177 shares of company stock valued at $9,977,553 in the last 90 days. 6.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of recent analyst reports. Leerink Partners initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an "outperform" rating and a $88.00 target price for the company. Bank of America raised their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Stifel Nicolaus raised their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. HC Wainwright raised their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $101.57.

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.