Bayforest Capital Ltd Takes $166,000 Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Bayforest Capital Ltd has established a new position in Rhythm Pharmaceuticals, acquiring 3,134 shares valued at approximately $166,000 during the first quarter of 2023.
• Multiple hedge funds have increased their stakes in Rhythm Pharmaceuticals, with XTX Topco Ltd raising its position by 293.8% in the same quarter.
• Rhythm Pharmaceuticals' stock has a consensus rating of "Buy" and an average target price of $91.93, with recent analyst reports showing significant price target increases from firms like Oppenheimer and Goldman Sachs.

Bayforest Capital Ltd purchased a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 3,134 shares of the company's stock, valued at approximately $166,000.

Other large investors have also made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of Rhythm Pharmaceuticals by 67.2% during the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock worth $6,625,000 after purchasing an additional 47,575 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $521,000. BNP Paribas Financial Markets boosted its stake in shares of Rhythm Pharmaceuticals by 491.0% during the 4th quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock worth $4,772,000 after purchasing an additional 70,824 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $1,042,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock worth $1,968,000 after purchasing an additional 272 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RYTM. Wells Fargo & Company raised their target price on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. JMP Securities reissued a "market outperform" rating and issued a $84.00 target price on shares of Rhythm Pharmaceuticals in a research report on Thursday, June 26th. Stifel Nicolaus raised their target price on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Bank of America raised their target price on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $95.00 target price (up from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $91.93.

Rhythm Pharmaceuticals Stock Down 1.7%

Shares of RYTM traded down $1.52 during mid-day trading on Tuesday, reaching $88.72. 289,426 shares of the stock traded hands, compared to its average volume of 670,107. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of -31.56 and a beta of 2.38. The stock has a fifty day simple moving average of $72.95 and a 200 day simple moving average of $62.82. Rhythm Pharmaceuticals, Inc. has a 12-month low of $42.74 and a 12-month high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted 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 firm 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 123.26% and a negative return on equity of 739.62%. The company's revenue for the quarter was up 66.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.55) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 42,120 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the sale, the chief financial officer owned 116,915 shares in the company, valued at $9,409,319.20. This trade represents a 26.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 represents a 48.36% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,417 shares of company stock valued at $6,352,511. 6.10% of the stock is currently owned by corporate insiders.

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.