Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Position Increased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Rhythm Pharmaceuticals by 730.3%, acquiring a total of 50,557 shares valued at approximately $2.68 million.
• Wall Street analysts maintain a positive outlook on Rhythm Pharmaceuticals, with a consensus target price of $101.57 and an overwhelming majority rating the stock as a buy.
• Despite a reported loss of ($0.75) earnings per share for the latest quarter, Rhythm Pharmaceuticals achieved a 66.8% increase in revenue year-over-year, reaching $48.5 million.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 730.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,557 shares of the company's stock after acquiring an additional 44,468 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.08% of Rhythm Pharmaceuticals worth $2,678,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RYTM. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $72,000. CWM LLC boosted its stake in shares of Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after buying an additional 1,240 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at approximately $166,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $218,000.

Wall Street Analysts Forecast Growth

RYTM has been the subject of several research analyst reports. Guggenheim increased their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective on the stock. JMP Securities raised their price objective on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Morgan Stanley restated an "overweight" rating and set a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $101.57.

Insider Activity at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 3,817 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer directly owned 922 shares of the company's stock, valued at $74,451.50. The trade was a 80.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total value of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. The trade was a 44.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 114,989 shares of company stock worth $9,558,460 in the last 90 days. Corporate insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded up $1.13 during trading hours on Friday, reaching $97.61. 522,257 shares of the company's stock traded hands, compared to its average volume of 584,828. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of -32.43 and a beta of 2.38. The business's fifty day simple moving average is $78.46 and its two-hundred day simple moving average is $65.09. Rhythm Pharmaceuticals, Inc. has a twelve month low of $43.57 and a twelve month high of $99.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released 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). The company had revenue of $48.50 million for 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 firm's quarterly revenue was up 66.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.55) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

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.