Bayforest Capital Ltd Acquires New Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Bayforest Capital Ltd bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,134 shares of the company's stock, valued at approximately $166,000.

Other hedge funds also recently bought and sold shares of the company. XTX Topco Ltd raised its position in Rhythm Pharmaceuticals by 293.8% in the 1st quarter. XTX Topco Ltd now owns 29,949 shares of the company's stock worth $1,586,000 after purchasing an additional 22,344 shares during the period. Federated Hermes Inc. grew its position in Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock valued at $84,321,000 after purchasing an additional 42,236 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Rhythm Pharmaceuticals by 5.0% in the 1st quarter. TD Asset Management Inc now owns 50,200 shares of the company's stock worth $2,659,000 after purchasing an additional 2,400 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Rhythm Pharmaceuticals by 22.4% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 93,105 shares of the company's stock valued at $4,932,000 after acquiring an additional 17,021 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Rhythm Pharmaceuticals by 1.0% in the 1st quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock worth $918,000 after purchasing an additional 174 shares during the period.

Insider Activity

In related news, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer owned 922 shares of the company's stock, valued at approximately $74,451.50. This represents a 80.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alastair Garfield sold 1,319 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total transaction of $85,484.39. Following the sale, the insider directly owned 3,126 shares in the company, valued at $202,596.06. This represents a 29.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,417 shares of company stock worth $6,352,511. 6.10% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Stock Up 3.6%

Shares of NASDAQ RYTM opened at $88.30 on Friday. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of -31.42 and a beta of 2.38. The company's 50-day simple moving average is $72.39 and its 200-day simple moving average is $62.45. Rhythm Pharmaceuticals, Inc. has a 52-week low of $40.61 and a 52-week high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period in the prior year, the company posted ($2.35) earnings per share. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. Equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analysts Set New Price Targets

RYTM has been the topic of several recent research reports. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective on the stock. Oppenheimer lifted their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. Guggenheim reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Finally, Leerink Partners began coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an "outperform" rating and a $88.00 price objective for the company. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $91.93.

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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