Comerica Bank Has $12.97 Million Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Comerica Bank significantly increased its stake in Rhythm Pharmaceuticals by 1,330.2%, now holding 244,754 shares valued at approximately $12.97 million.
• Multiple analysts have upgraded their price targets for Rhythm Pharmaceuticals, with estimates ranging from $95.00 to $135.00, reflecting strong confidence in the stock.
• The company reported a revenue increase of 66.8% year-over-year, totaling $48.5 million for the quarter, despite missing earnings expectations.

Comerica Bank raised its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 1,330.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 244,754 shares of the company's stock after purchasing an additional 227,641 shares during the period. Comerica Bank owned approximately 0.38% of Rhythm Pharmaceuticals worth $12,965,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of RYTM. Raymond James Financial Inc. bought a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $218,000. Mariner LLC bought a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $254,000. First Trust Advisors LP increased its stake in Rhythm Pharmaceuticals by 67.2% in the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after purchasing an additional 47,575 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Rhythm Pharmaceuticals by 5.8% during the fourth quarter. MetLife Investment Management LLC now owns 33,498 shares of the company's stock worth $1,875,000 after acquiring an additional 1,846 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Rhythm Pharmaceuticals by 1,100.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,539 shares of the company's stock worth $254,000 after acquiring an additional 4,161 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RYTM shares. The Goldman Sachs Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 price objective for the company. Morgan Stanley reissued an "overweight" rating and set a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Leerink Partners started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective for the company. HC Wainwright increased their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Stock Down 1.0%

RYTM traded down $1.08 during trading hours on Friday, hitting $103.15. 402,638 shares of the company's stock were exchanged, compared to its average volume of 585,235. Rhythm Pharmaceuticals, Inc. has a 1-year low of $45.00 and a 1-year high of $104.93. The stock's 50-day moving average is $85.96 and its two-hundred day moving average is $67.91. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of -34.27 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. During the same quarter in the previous year, the company posted ($0.55) EPS. The business's revenue for the quarter was up 66.8% compared to the same quarter last year. On average, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction on 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 in the company, valued at $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Hunter C. Smith sold 42,120 shares of the stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the sale, the chief financial officer owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. This represents a 26.48% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,177 shares of company stock worth $9,977,553. Company insiders own 6.10% of the company's stock.

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.