Algert Global LLC Grows Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Algert Global increased its Rhythm Pharmaceuticals position by 42.6% in the second quarter, bringing its holdings to 83,431 shares worth approximately $9.3 million. Other major institutions, including RA Capital, Vanguard and BlackRock, also hold substantial stakes.
• Analysts remain broadly positive, with 15 Buy ratings, two Holds and one Sell. The stock has a consensus “Moderate Buy” rating and an average price target of $142.44.
• Rhythm reported second-quarter revenue of $71.25 million, up 46.9% year over year, and an adjusted loss of $0.73 per share that beat estimates. However, insiders sold $20.8 million of stock during the last quarter, including sales conducted under pre-arranged trading plans.

Algert Global LLC boosted its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 42.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,431 shares of the company's stock after purchasing an additional 24,918 shares during the period. Algert Global LLC owned about 0.12% of Rhythm Pharmaceuticals worth $9,263,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RYTM. RA Capital Management L.P. lifted its stake in Rhythm Pharmaceuticals by 17.3% in the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company's stock worth $713,618,000 after purchasing an additional 985,478 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Rhythm Pharmaceuticals by 24.3% during the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company's stock worth $664,816,000 after acquiring an additional 1,214,489 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth approximately $683,601,000. State Street Corp boosted its holdings in Rhythm Pharmaceuticals by 8.4% during the 4th quarter. State Street Corp now owns 2,198,615 shares of the company's stock valued at $235,340,000 after acquiring an additional 169,964 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Rhythm Pharmaceuticals by 11.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,560,847 shares of the company's stock valued at $167,074,000 after acquiring an additional 160,950 shares during the period.

Analyst Ratings Changes

A number of research firms have weighed in on RYTM. 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 research note on Friday, August 7th. Citizens Jmp boosted 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 note on Wednesday, August 5th. Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, June 15th. Royal Bank Of Canada raised their price target on shares of Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Finally, Citigroup reiterated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Fifteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $142.44.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 75,834 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.38, for a total transaction of $8,901,394.92. Following the transaction, the executive vice president directly owned 54,233 shares in the company, valued at $6,365,869.54. This represents a 58.30% decrease in their position. The sale 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 Joseph Shulman sold 5,079 shares of the firm's stock in a transaction dated 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 directly owned 15,915 shares in the company, valued at $1,905,821.25. This trade represents a 24.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 182,676 shares of company stock valued at $20,754,691 over the last quarter. 5.90% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Stock Up 1.7%

RYTM opened at $113.35 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $74.50 and a 52 week high of $122.20. The company has a market capitalization of $7.77 billion, a P/E ratio of -36.45 and a beta of 1.92. The stock's fifty day moving average is $108.94 and its two-hundred day moving average is $96.76.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.81) by $0.08. The business had revenue of $71.25 million for the quarter, compared to the consensus estimate 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 was up 46.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.75) EPS. Equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current year.

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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