Bank of America Corp DE Grows Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Bank of America increased its Rhythm Pharmaceuticals stake by 180% in the first quarter, acquiring 404,183 additional shares and ending with 628,667 shares worth approximately $54.7 million.
• Analysts remain broadly bullish: 15 rate RYTM a Buy, two rate it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $142.44.
• Rhythm Pharmaceuticals exceeded quarterly expectations, reporting an adjusted loss of $0.73 per share versus the expected $0.81 loss and revenue of $71.25 million, up 46.9% year over year. However, director Lynn A. Tetrault sold 37,000 shares under a pre-arranged trading plan.

Bank of America Corp DE grew its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 180.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 628,667 shares of the company's stock after purchasing an additional 404,183 shares during the quarter. Bank of America Corp DE owned 0.92% of Rhythm Pharmaceuticals worth $54,675,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock worth $28,000 after acquiring an additional 200 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Rhythm Pharmaceuticals by 73.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after purchasing an additional 145 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock worth $43,000 after purchasing an additional 113 shares in the last quarter. Covestor Ltd lifted its position in shares of Rhythm Pharmaceuticals by 328.9% during the fourth quarter. Covestor Ltd now owns 579 shares of the company's stock worth $62,000 after purchasing an additional 444 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 82.9% in the fourth quarter. Farther Finance Advisors LLC now owns 642 shares of the company's stock valued at $69,000 after purchasing an additional 291 shares during the period.

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of analyst reports. Citizens Jmp upped their price objective on shares of Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 5th. Royal Bank Of Canada lifted their target price on Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. increased their price target on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Stifel Nicolaus set a $133.00 price objective on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $142.44.

Insider Activity

In related news, Director Lynn A. Tetrault sold 37,000 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director directly owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company's stock.

Rhythm Pharmaceuticals Stock Down 2.3%

Shares of Rhythm Pharmaceuticals stock opened at $112.85 on Wednesday. The firm has a market cap of $7.73 billion, a P/E ratio of -36.29 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The business has a 50-day moving average price of $103.63 and a 200 day moving average price of $96.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.81) by $0.08. The firm had revenue of $71.25 million for the quarter, compared to analysts' expectations of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.Rhythm Pharmaceuticals's revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.75) earnings per share. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.86 earnings per share for the current year.

About Rhythm Pharmaceuticals

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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