Checkpoint Capital L.P. Boosts Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Checkpoint Capital L.P. increased its stake in Rhythm Pharmaceuticals by 24.6% during the first quarter, now holding 907,240 shares valued at approximately $48 million.
• Multiple analysts have raised their price targets for Rhythm Pharmaceuticals, with Bank of America setting a new target of $95 and Morgan Stanley adjusting theirs to $109.
• Rhythm Pharmaceuticals reported a revenue of $48.5 million for the last quarter, exceeding analysts' expectations despite a loss of ($0.75) EPS.

Checkpoint Capital L.P. increased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 24.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 907,240 shares of the company's stock after acquiring an additional 179,258 shares during the period. Rhythm Pharmaceuticals makes up about 26.4% of Checkpoint Capital L.P.'s holdings, making the stock its 2nd biggest position. Checkpoint Capital L.P. owned 1.43% of Rhythm Pharmaceuticals worth $48,057,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RYTM. Westfield Capital Management Co. LP bought a new stake in Rhythm Pharmaceuticals during the 1st quarter worth approximately $71,038,000. 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 worth $68,309,000 after acquiring an additional 621,432 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Rhythm Pharmaceuticals by 75.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock worth $63,515,000 after acquiring an additional 513,901 shares during the period. Siren L.L.C. bought a new stake in Rhythm Pharmaceuticals during the 1st quarter worth approximately $14,701,000. Finally, Comerica Bank increased its holdings in Rhythm Pharmaceuticals by 1,330.2% during the 1st quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after acquiring an additional 227,641 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RYTM shares. Bank of America upped their target price on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Leerink Partners started coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an "outperform" rating and a $88.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and issued a $109.00 price target (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, August 5th. Finally, Canaccord Genuity Group boosted their price target on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $101.69 on Thursday. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.00 and a 52-week high of $106.52. The stock has a market capitalization of $6.75 billion, a price-to-earnings ratio of -33.78 and a beta of 2.23. The company has a fifty day moving average of $88.38 and a 200-day moving average of $68.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $48.50 million during the quarter, compared to analysts' expectations of $43.72 million. During the same period last year, the company posted ($0.55) EPS. Rhythm Pharmaceuticals's revenue for the quarter was up 66.8% on a year-over-year basis. On average, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 1,500 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total transaction of $142,500.00. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at $87,590. This represents a 61.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joseph Shulman sold 4,188 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $100.07, for a total transaction of $419,093.16. Following the sale, the insider directly owned 8,509 shares of the company's stock, valued at $851,495.63. The trade was a 32.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 119,177 shares of company stock worth $9,977,553 over the last 90 days. Company insiders own 6.10% of the company's stock.

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.

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