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

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Voleon Capital Management LP acquired a new position in shares of Rhythm Pharmaceuticals during the first quarter worth about $732,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Rhythm Pharmaceuticals by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company's stock valued at $1,874,000 after acquiring an additional 2,126 shares during the period. Checkpoint Capital L.P. boosted its holdings in shares of Rhythm Pharmaceuticals by 24.6% in the first quarter. Checkpoint Capital L.P. now owns 907,240 shares of the company's stock valued at $48,057,000 after acquiring an additional 179,258 shares during the period. Banque Transatlantique SA purchased a new stake in shares of Rhythm Pharmaceuticals during the first quarter worth approximately $1,694,000. Finally, AQR Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 148.2% during the first quarter. AQR Capital Management LLC now owns 39,363 shares of the company's stock worth $2,085,000 after purchasing an additional 23,506 shares during the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $9,409,319.20. This trade represents a 26.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,077 shares of company stock valued at $9,360,077 in the last 90 days. 6.10% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Stock Down 0.7%

Shares of RYTM stock traded down $0.67 during mid-day trading on Tuesday, reaching $95.37. The company's stock had a trading volume of 150,480 shares, compared to its average volume of 655,405. The company's 50 day simple moving average is $93.99 and its 200-day simple moving average is $71.54. Rhythm Pharmaceuticals, Inc. has a 12-month low of $45.90 and a 12-month high of $106.52. The firm has a market capitalization of $6.33 billion, a PE ratio of -31.64 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The business had revenue of $48.50 million during the quarter, compared to analysts' expectations of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The business's revenue was up 66.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.55) EPS. As a group, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Oppenheimer upped their price target on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Guggenheim raised their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Leerink Partners initiated 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. Stifel Nicolaus upped 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. Finally, HC Wainwright upped their target price on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $101.57.

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.