Connor Clark & Lunn Investment Management Ltd. bought a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 135,867 shares of the company's stock, valued at approximately $15,085,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.20% of Rhythm Pharmaceuticals as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the business. Blue Owl Capital Holdings LP bought a new position in shares of Rhythm Pharmaceuticals in the second quarter worth approximately $6,823,000. E Fund Management Co. Ltd. purchased a new position in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $528,000. BlackRock Inc. bought a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $683,601,000. Deutsche Bank AG purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at $12,794,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth $51,000.
Rhythm Pharmaceuticals Price Performance
Shares of RYTM stock opened at $113.35 on Wednesday. The business has a 50-day moving average of $108.94 and a 200 day moving average of $96.76. Rhythm Pharmaceuticals, Inc. has a 1-year low of $74.50 and a 1-year high of $122.20. The stock has a market capitalization of $7.77 billion, a PE ratio of -36.45 and a beta of 1.92.
Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping analysts' consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The business had revenue of $71.25 million for the quarter, compared to analysts' expectations of $67.66 million. During the same period in the previous year, the firm earned ($0.75) EPS. The business's quarterly revenue was up 46.9% on a year-over-year basis. Analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.82 EPS for the current year.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on RYTM. Royal Bank Of Canada lifted their price target on Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Citizens Jmp increased their price objective on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a "market outperform" rating in a research report on Wednesday, August 5th. Citigroup reissued a "market outperform" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their target price on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $142.44.
View Our Latest Stock Report on Rhythm Pharmaceuticals
Insider Transactions at Rhythm Pharmaceuticals
In related news, EVP Yann Mazabraud sold 57,000 shares of Rhythm Pharmaceuticals stock in a transaction on 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 transaction, the executive vice president directly owned 55,655 shares of the company's stock, valued at $6,464,328.25. The trade was a 50.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 on Thursday, August 13th. The stock was sold at an average price of $117.57, for a total transaction of $912,695.91. Following the completion of the transaction, the insider directly owned 2,295 shares in the company, valued at approximately $269,823.15. The trade was a 77.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 182,676 shares of company stock valued at $20,754,691. 5.90% of the stock is currently owned by insiders.
Rhythm Pharmaceuticals Company Profile
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Free Report)
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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