Cubist Systematic Strategies LLC Buys New Shares in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Cubist Systematic Strategies LLC has acquired a new stake in Rhythm Pharmaceuticals, purchasing 173,822 shares valued at approximately $9.2 million, representing 0.27% of the company.
• Analysts have generally issued favorable ratings for Rhythm Pharmaceuticals, with several firms increasing their price targets, including Wells Fargo, which raised its target from $91 to $129.
• Rhythm Pharmaceuticals reported a revenue of $48.5 million in its latest quarterly earnings, exceeding estimates, despite missing earnings expectations with a loss of $0.75 per share.

Cubist Systematic Strategies LLC bought a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 173,822 shares of the company's stock, valued at approximately $9,207,000. Cubist Systematic Strategies LLC owned 0.27% of Rhythm Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Federated Hermes Inc. boosted its holdings in Rhythm Pharmaceuticals by 2.7% in the first quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock valued at $84,321,000 after purchasing an additional 42,236 shares during the period. Driehaus Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 12.9% in the first quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock valued at $77,231,000 after purchasing an additional 167,047 shares during the period. Westfield Capital Management Co. LP purchased a new position in Rhythm Pharmaceuticals in the first quarter valued at $71,038,000. Janus Henderson Group PLC boosted its holdings in Rhythm Pharmaceuticals by 103.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after purchasing an additional 621,432 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Rhythm Pharmaceuticals by 75.0% in 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 purchasing an additional 513,901 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $95.00 price target (up from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. Morgan Stanley reaffirmed an "overweight" rating and set a $109.00 price target (up from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. The Goldman Sachs Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 price target for the company. Finally, Wells Fargo & Company lifted their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ RYTM opened at $103.15 on Tuesday. The stock has a market cap of $6.85 billion, a PE ratio of -34.27 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.00 and a 52-week high of $104.93. The business has a 50-day moving average price of $86.78 and a 200 day moving average price of $68.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results 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). The firm 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 firm'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) earnings per share. Sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 3,477 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total value of $333,792.00. Following the completion of the sale, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $11,223,840. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pamela J. Cramer sold 1,520 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $85.93, for a total value of $130,613.60. Following the completion of the sale, the insider directly owned 20,814 shares of the company's stock, valued at approximately $1,788,547.02. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,177 shares of company stock valued at $9,977,553 in the last 90 days. Company insiders own 6.10% of the company's stock.

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.

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