AlphaQuest LLC Has $350,000 Stock Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• AlphaQuest LLC significantly increased its stake in Rhythm Pharmaceuticals by 660,600% in Q1, acquiring 6,607 shares valued at $350,000.
• Rhythm Pharmaceuticals reported a quarterly EPS of ($0.75), missing analysts' expectations, despite a revenue increase of 66.8% year-over-year to $48.50 million.
• Wall Street analysts have a consensus rating of "Buy" for Rhythm Pharmaceuticals, with target prices ranging from $94.00 to $105.00.

AlphaQuest LLC lifted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 660,600.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,607 shares of the company's stock after acquiring an additional 6,606 shares during the period. AlphaQuest LLC's holdings in Rhythm Pharmaceuticals were worth $350,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RYTM. Raymond James Financial Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $218,000. Mariner LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $254,000. First Trust Advisors LP boosted its stake in Rhythm Pharmaceuticals by 67.2% during the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock worth $6,625,000 after buying an additional 47,575 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Rhythm Pharmaceuticals by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 33,498 shares of the company's stock worth $1,875,000 after buying an additional 1,846 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Rhythm Pharmaceuticals by 1,100.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,539 shares of the company's stock worth $254,000 after buying an additional 4,161 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $102.30 on Thursday. The stock has a market cap of $6.79 billion, a PE ratio of -33.99 and a beta of 2.38. The business has a fifty day moving average of $84.28 and a two-hundred day moving average of $67.28. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.00 and a 52-week high of $104.87.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The firm's revenue was up 66.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.55) earnings per share. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total transaction of $619,828.82. Following the completion of the transaction, the insider directly owned 8,509 shares of the company's stock, valued at approximately $661,830.02. This trade represents a 48.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Hunter C. Smith sold 42,120 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The shares were 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 directly owned 116,915 shares of the company's stock, valued at $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 sold a total of 119,177 shares of company stock valued at $9,977,553 in the last ninety days. Insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RYTM. Stifel Nicolaus lifted their price target on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Canaccord Genuity Group lifted their price target on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Needham & Company LLC reiterated a "buy" rating and set a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, The Goldman Sachs Group began coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They set a "buy" rating and a $97.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $101.57.

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.

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