BIT Capital GmbH Takes $319,000 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 acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,013 shares of the company's stock, valued at approximately $319,000.

Several other hedge funds have also bought and sold shares of the stock. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $72,000. CWM LLC increased its position in shares of Rhythm Pharmaceuticals by 92.3% during 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 last quarter. Bayforest Capital Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $166,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $218,000.

Insider Buying and Selling

In other news, 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 value of $85,484.39. Following the completion of the sale, the insider owned 3,126 shares in the company, valued at approximately $202,596.06. This trade represents a 29.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,417 shares of company stock worth $6,352,511. Corporate insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM traded down $0.47 during trading hours on Thursday, hitting $89.54. 130,115 shares of the company's stock were exchanged, compared to its average volume of 668,872. The business's 50 day moving average is $74.14 and its 200-day moving average is $63.18. Rhythm Pharmaceuticals, Inc. has a 12-month low of $43.57 and a 12-month high of $94.80. The firm has a market capitalization of $5.70 billion, a P/E ratio of -29.75 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The firm had revenue of $48.50 million during the quarter, compared to analysts' expectations of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,058.36% and a negative net margin of 117.13%. The business's revenue for the quarter was up 66.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.55) earnings per share. As a group, 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 subject of a number of analyst reports. Oppenheimer boosted their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Stifel Nicolaus boosted their target price on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective for the company. Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Guggenheim boosted their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of "Buy" and an average price target of $101.57.

About Rhythm Pharmaceuticals

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.