Assenagon Asset Management S.A. Has $15.04 Million Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Assenagon Asset Management S.A. increased its stake in Rhythm Pharmaceuticals by 972.4% in Q2, owning 237,998 shares valued at approximately $15.04 million.
• Multiple brokerages have issued positive updates on Rhythm Pharmaceuticals, raising price targets and maintaining "buy" ratings, with a consensus target price of $101.57.
• Insider trading disclosures reveal significant share sales by executives, with insiders collectively selling 110,077 shares valued at over $9.36 million in the last three months.

Assenagon Asset Management S.A. raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 972.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 237,998 shares of the company's stock after purchasing an additional 215,806 shares during the period. Assenagon Asset Management S.A. owned approximately 0.37% of Rhythm Pharmaceuticals worth $15,039,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Rhythm Pharmaceuticals during the 1st quarter worth $34,000. State of Wyoming purchased a new position in Rhythm Pharmaceuticals in the fourth quarter worth $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $72,000. CWM LLC lifted its stake in Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after purchasing an additional 1,240 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Rhythm Pharmaceuticals during the first quarter valued at about $166,000.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RYTM. HC Wainwright lifted their price target on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Stifel Nicolaus boosted their price target on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. JMP Securities upped their price objective on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. Canaccord Genuity Group increased their target price on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, The Goldman Sachs Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Buy" and a consensus target price of $101.57.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 3,477 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total transaction of $333,792.00. Following the sale, the chief financial officer owned 116,915 shares in the company, valued at approximately $11,223,840. The trade was a 2.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Shulman sold 4,188 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $100.07, for a total transaction of $419,093.16. Following the completion of the sale, the insider directly owned 8,509 shares in the company, valued at $851,495.63. This trade represents a 32.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,077 shares of company stock valued at $9,360,077 over the last three months. 6.10% of the stock is owned by corporate insiders.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $99.00 on Tuesday. The firm has a market cap of $6.58 billion, a PE ratio of -32.89 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a one year low of $45.90 and a one year high of $106.52. The firm's 50 day simple moving average is $95.32 and its 200-day simple moving average is $73.11.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The business had revenue of $48.50 million for the quarter, compared to analysts' expectations 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 company's revenue for the quarter was up 66.8% on a year-over-year basis. During the same period last year, the business posted ($0.55) EPS. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

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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