Braidwell LP Acquires 70,500 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Braidwell LP increased its Rhythm Pharmaceuticals stake by 22.7%, purchasing 70,500 shares to own 381,128 shares valued at approximately $42.3 million, or 0.56% of the company.
• Analysts remain broadly positive, with 15 Buy ratings, three Holds and one Sell; the stock has an average price target of $141.12 versus a recent price of $105.42.
• Rhythm reported quarterly revenue of $71.25 million, up 46.9% year over year, and an adjusted loss of $0.73 per share that beat estimates. However, insiders sold approximately $27.4 million of shares over the past three months.

Braidwell LP lifted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 22.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 381,128 shares of the company's stock after purchasing an additional 70,500 shares during the period. Rhythm Pharmaceuticals accounts for approximately 1.6% of Braidwell LP's holdings, making the stock its 20th largest position. Braidwell LP owned about 0.56% of Rhythm Pharmaceuticals worth $42,317,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of RYTM. AQR Capital Management LLC lifted its position in Rhythm Pharmaceuticals by 148.2% during the first quarter. AQR Capital Management LLC now owns 39,363 shares of the company's stock valued at $2,085,000 after purchasing an additional 23,506 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 worth $1,874,000 after buying an additional 2,126 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Rhythm Pharmaceuticals by 62.9% in the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company's stock worth $423,000 after buying an additional 2,740 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Rhythm Pharmaceuticals by 11.2% in the second quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company's stock worth $15,187,000 after buying an additional 24,152 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Rhythm Pharmaceuticals by 10.0% during the 2nd quarter. Sei Investments Co. now owns 33,145 shares of the company's stock valued at $2,095,000 after buying an additional 3,004 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citizens Jmp boosted their price objective on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a "market outperform" rating in a research note on Wednesday, August 5th. Canaccord Genuity Group set a $154.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. TD Cowen reaffirmed a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. Finally, National Bank Financial set a $160.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $141.12.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $105.42 on Thursday. The firm has a fifty day moving average price of $109.80 and a 200 day moving average price of $97.03. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The firm has a market cap of $7.22 billion, a PE ratio of -33.90 and a beta of 1.97.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The company had revenue of $71.25 million for the quarter, compared to the consensus estimate of $67.66 million. During the same quarter in the prior year, the firm earned ($0.75) earnings per share. Rhythm Pharmaceuticals's revenue was up 46.9% on a year-over-year basis. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -2.87 EPS for the current year.

Insider Activity

In related news, EVP Yann Mazabraud sold 57,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $116.15, for a total value of $6,620,550.00. Following the completion of the transaction, the executive vice president owned 55,655 shares of the company's stock, valued at approximately $6,464,328.25. This trade represents a 50.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $117.57, for a total value of $912,695.91. Following the completion of the transaction, the insider owned 2,295 shares of the company's stock, valued at approximately $269,823.15. This represents a 77.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 245,450 shares of company stock worth $27,374,837. 5.90% of the stock is owned by insiders.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company's research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company's lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.

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