Bank of New York Mellon Corp Purchases Shares of 394,044 Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Bank of New York Mellon acquired 394,044 Rhythm Pharmaceuticals shares worth approximately $43.8 million, representing about 0.57% of the company.
• Rhythm reported stronger-than-expected quarterly results, with an adjusted loss of $0.73 per share versus estimates of $0.81 and revenue of $71.25 million, up 46.9% year over year.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $142.44, while insiders sold roughly $20.8 million of stock during the latest quarter.

Bank of New York Mellon Corp acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 394,044 shares of the company's stock, valued at approximately $43,751,000. Bank of New York Mellon Corp owned about 0.57% of Rhythm Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Rhythm Pharmaceuticals by 36.3% in the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company's stock worth $40,000 after purchasing an additional 97 shares during the period. Xponance LLC boosted its holdings in Rhythm Pharmaceuticals by 2.6% during the 4th quarter. Xponance LLC now owns 4,269 shares of the company's stock valued at $457,000 after acquiring an additional 107 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock valued at $43,000 after acquiring an additional 113 shares during the period. Captrust Financial Advisors grew its position in Rhythm Pharmaceuticals by 0.7% during the 2nd quarter. Captrust Financial Advisors now owns 17,471 shares of the company's stock worth $1,104,000 after acquiring an additional 114 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after purchasing an additional 145 shares during the period.

Rhythm Pharmaceuticals Stock Up 0.6%

Shares of NASDAQ RYTM opened at $112.53 on Friday. The firm has a market cap of $7.71 billion, a P/E ratio of -36.18 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20. The company has a 50 day moving average of $109.57 and a 200 day moving average of $96.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping analysts' consensus estimates of ($0.81) by $0.08. The business had revenue of $71.25 million during the quarter, compared to analyst estimates of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The company's quarterly revenue was up 46.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.75) EPS. As a group, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,079 shares of the company's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $119.75, for a total value of $608,210.25. Following the completion of the sale, the insider owned 15,915 shares in the company, valued at $1,905,821.25. This represents a 24.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Lynn A. Tetrault sold 37,000 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 182,676 shares of company stock worth $20,754,691. 5.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RYTM has been the topic of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, June 15th. National Bank Financial set a $160.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Citigroup restated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, June 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $142.44.

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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