Cinctive Capital Management LP Sells 78,399 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Cinctive Capital Management LP significantly reduced its stake in Rhythm Pharmaceuticals by 94.7%, selling 78,399 shares in the first quarter, leaving it with 4,356 shares valued at $231,000.
• Several hedge funds have increased their investments in Rhythm Pharmaceuticals, with Federated Hermes Inc. and Driehaus Capital Management LLC boosting their stakes by 2.7% and 12.9%, respectively.
• The company's stock price has experienced a 2.3% decrease, and analysts have a consensus target price of $101.57, with multiple firms recently upgrading their price targets on the stock.

Cinctive Capital Management LP lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 94.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 4,356 shares of the company's stock after selling 78,399 shares during the quarter. Cinctive Capital Management LP's holdings in Rhythm Pharmaceuticals were worth $231,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Westfield Capital Management Co. LP bought a new position in Rhythm Pharmaceuticals during the 1st quarter valued at $71,038,000. Janus Henderson Group PLC increased its stake in Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after purchasing an additional 621,432 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after acquiring an additional 513,901 shares during the period. Siren L.L.C. acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at $14,701,000. Finally, Comerica Bank lifted its stake in Rhythm Pharmaceuticals by 1,330.2% in 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 in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RYTM. Oppenheimer upped their price objective on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Needham & Company LLC restated a "buy" rating and issued a $95.00 price objective (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. JMP Securities boosted their price objective on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. Stifel Nicolaus raised their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Leerink Partners started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $101.57.

Insider Activity

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $96.00, for a total value of $333,792.00. Following the sale, the chief financial officer directly owned 116,915 shares in the company, valued at approximately $11,223,840. This trade represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Christopher Paul German sold 1,500 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 922 shares of the company's stock, valued at $87,590. This trade represents a 61.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,077 shares of company stock valued at $9,360,077. 6.10% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Stock Down 1.1%

NASDAQ:RYTM traded down $1.12 during trading hours on Wednesday, hitting $100.33. 407,309 shares of the stock were exchanged, compared to its average volume of 658,938. The company's 50 day moving average is $91.48 and its two-hundred day moving average is $70.18. The company has a market capitalization of $6.66 billion, a P/E ratio of -33.33 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a twelve month low of $45.90 and a twelve month high of $106.52.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The company had revenue of $48.50 million during the quarter, compared to analyst estimates 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 for the quarter was up 66.8% compared to the same quarter last year. During the same period last year, the company earned ($0.55) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current 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.