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

Key Points

• Algert Global LLC increased its position in Rhythm Pharmaceuticals by 47.9% in the first quarter, now owning 61,461 shares valued at approximately $3.26 million.
• Rhythm Pharmaceuticals saw positive ratings from several analysts, with target prices raised between $95.00 and $135.00, and a consensus rating of "Buy."
• Despite reporting a quarterly loss of ($0.75) EPS, the company's revenue increased by 66.8% year-over-year to $48.5 million, surpassing analysts’ expectations.

Algert Global LLC boosted its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 47.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,461 shares of the company's stock after acquiring an additional 19,910 shares during the quarter. Algert Global LLC owned 0.10% of Rhythm Pharmaceuticals worth $3,256,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $72,000. CWM LLC lifted its position in Rhythm Pharmaceuticals by 92.3% in the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after buying an additional 1,240 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Rhythm Pharmaceuticals in the 1st quarter worth approximately $166,000. Finally, Raymond James Financial Inc. purchased a new stake in Rhythm Pharmaceuticals in the fourth quarter worth approximately $218,000.

Analyst Ratings Changes

RYTM has been the topic of several research reports. HC Wainwright lifted their price target on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. JMP Securities increased their target price on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the company a "market outperform" rating in a report on Wednesday, August 6th. Canaccord Genuity Group lifted their target price on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Bank of America upped their price target on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, July 10th. Finally, Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company's stock. According to MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of "Buy" and a consensus target price of $101.57.

Rhythm Pharmaceuticals Trading Down 0.9%

RYTM stock opened at $97.19 on Wednesday. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of -32.29 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 12-month low of $43.57 and a 12-month high of $99.04. The firm's 50-day moving average price is $79.69 and its two-hundred day moving average price is $65.62.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly 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 net margin of 117.13% and a negative return on equity of 1,831.43%. The business had revenue of $48.50 million for the quarter, compared to analysts' expectations of $43.72 million. During the same quarter in the prior year, the firm earned ($0.55) EPS. The firm's revenue for the quarter was up 66.8% on a year-over-year basis. Equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Christopher Paul German sold 3,817 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the sale, the insider owned 19,209 shares in the company, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 114,989 shares of company stock worth $9,558,460 in the last ninety days. Insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Company 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.

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