BIT Capital GmbH Purchases New Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• BIT Capital GmbH has acquired a new position in Rhythm Pharmaceuticals, purchasing 6,013 shares valued at approximately $319,000.
• Rhythm Pharmaceuticals recently reported a loss of ($0.81) earnings per share, missing analysts' expectations, with year-over-year revenue growth of 25.9%.
• Multiple brokerages, including Bank of America and Wells Fargo, have issued positive ratings for Rhythm Pharmaceuticals, with price targets ranging from $88.00 to $129.00.

BIT Capital GmbH purchased a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,013 shares of the company's stock, valued at approximately $319,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after purchasing an additional 621,432 shares during the period. Marshall Wace LLP increased its holdings in Rhythm Pharmaceuticals by 70.4% during the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock valued at $38,783,000 after purchasing an additional 286,188 shares during the period. Norges Bank purchased a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $11,512,000. JPMorgan Chase & Co. increased its holdings in Rhythm Pharmaceuticals by 224.3% during the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company's stock valued at $14,811,000 after purchasing an additional 182,993 shares during the period. Finally, Stempoint Capital LP increased its holdings in Rhythm Pharmaceuticals by 404.1% during the 4th quarter. Stempoint Capital LP now owns 208,016 shares of the company's stock valued at $11,645,000 after purchasing an additional 166,748 shares during the period.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 15,572 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the transaction, the insider owned 19,209 shares of the company's stock, valued at $1,481,590.17. This represents a 44.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alastair Garfield sold 1,319 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total transaction of $85,484.39. Following the transaction, the insider directly owned 3,126 shares of the company's stock, valued at $202,596.06. This trade represents a 29.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 81,417 shares of company stock worth $6,352,511 in the last three months. Corporate insiders own 6.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Stifel Nicolaus boosted their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Bank of America boosted their price target on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Morgan Stanley set a $95.00 price target on Rhythm Pharmaceuticals and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price target (up from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $91.93.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $1.82 during midday trading on Tuesday, hitting $88.42. The company had a trading volume of 197,615 shares, compared to its average volume of 669,452. The company has a market cap of $5.63 billion, a price-to-earnings ratio of -31.47 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 12-month low of $42.74 and a 12-month high of $94.80. The company has a fifty day moving average of $72.95 and a two-hundred day moving average of $62.82.

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

Rhythm Pharmaceuticals 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.