Bayforest Capital Ltd Purchases Shares of 3,134 Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Bayforest Capital Ltd acquired 3,134 shares of Rhythm Pharmaceuticals, Inc. (RYTM), valued at approximately $166,000, during the first quarter.
• Multiple investment firms, including Morgan Stanley and Bank of America, have increased price targets on Rhythm Pharmaceuticals, with ratings mostly affirming a "buy" status and an average price target of $101.57.
• In the most recent earnings report, Rhythm Pharmaceuticals posted an earnings per share (EPS) of ($0.75), missing the consensus estimate, despite revenue growth of 66.8% year-over-year.

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Rhythm Pharmaceuticals in the first quarter worth about $34,000. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $61,000. GF Fund Management CO. LTD. bought a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $72,000. CWM LLC raised its position in Rhythm Pharmaceuticals by 92.3% in the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after purchasing an additional 1,240 shares during the period. Finally, Xponance Inc. lifted its stake in Rhythm Pharmaceuticals by 4.7% in the first quarter. Xponance Inc. now owns 4,365 shares of the company's stock worth $231,000 after purchasing an additional 197 shares during the last quarter.

Rhythm Pharmaceuticals Trading Up 1.2%

Shares of RYTM traded up $1.15 during midday trading on Wednesday, reaching $96.67. 67,246 shares of the stock were exchanged, compared to its average volume of 653,358. The company has a market capitalization of $6.42 billion, a P/E ratio of -32.11 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $106.52. The company's 50 day moving average is $94.60 and its two-hundred day moving average is $71.70.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The firm had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. During the same quarter in the previous year, the firm earned ($0.55) earnings per share. The business's revenue was up 66.8% compared to the same quarter last year. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They set an "outperform" rating and a $88.00 target price on the stock. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $95.00 target price (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $101.57.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 4,188 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the completion of the sale, the insider owned 8,509 shares in the company, valued at $851,495.63. This represents a 32.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher Paul German sold 1,500 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total value of $142,500.00. Following the completion of the transaction, the chief accounting officer owned 922 shares in the company, valued at $87,590. This represents a 61.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,077 shares of company stock worth $9,360,077 over the last quarter. 6.10% of the stock is currently owned by company 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.