E. Ohman J or Asset Management AB Invests $519,000 in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• E. Ohman J or Asset Management AB has acquired 8,213 shares of Rhythm Pharmaceuticals, valued at around $519,000, marking a new investment in the company.
• In its recent earnings report, Rhythm Pharmaceuticals posted a loss of ($0.75) earnings per share, missing analyst expectations, despite a 66.8% increase in revenue year-over-year.
• Several analysts have raised their price targets for Rhythm Pharmaceuticals, with Wells Fargo increasing theirs to $129.00, and the average target price now sits at $101.57.

E. Ohman J or Asset Management AB acquired a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,213 shares of the company's stock, valued at approximately $519,000.

Other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its position in Rhythm Pharmaceuticals by 1,386.2% during the first quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company's stock worth $239,000 after buying an additional 4,214 shares in the last quarter. Siren L.L.C. purchased a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $14,701,000. Rhumbline Advisers lifted its position in Rhythm Pharmaceuticals by 3.6% during the first quarter. Rhumbline Advisers now owns 85,719 shares of the company's stock worth $4,541,000 after buying an additional 2,988 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Rhythm Pharmaceuticals in the first quarter valued at $1,042,000. Finally, Advisors Asset Management Inc. raised its position in Rhythm Pharmaceuticals by 44.9% in the first quarter. Advisors Asset Management Inc. now owns 10,250 shares of the company's stock valued at $543,000 after purchasing an additional 3,176 shares during the period.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RYTM. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Leerink Partners began coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They issued an "outperform" rating and a $88.00 target price on the stock. Wells Fargo & Company lifted their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Canaccord Genuity Group boosted their price objective on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, The Goldman Sachs Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $101.57.

Insiders Place Their Bets

In other news, CFO Hunter C. Smith sold 3,477 shares of the firm's stock in a transaction that occurred on 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 trade represents a 2.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher Paul German sold 1,500 shares of the firm'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 value of $142,500.00. Following the completion of the sale, the chief accounting officer directly owned 922 shares of the company's stock, valued at $87,590. This represents a 61.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,077 shares of company stock valued at $9,360,077 over the last 90 days. 6.10% of the stock is owned by corporate insiders.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock traded down $2.48 during midday trading on Friday, hitting $96.06. The company had a trading volume of 1,378,477 shares, compared to its average volume of 561,497. The company's 50 day simple moving average is $95.12 and its 200 day simple moving average is $72.62. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.90 and a 52-week high of $106.52. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -31.91 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The company had revenue of $48.50 million during the quarter, compared to analysts' expectations of $43.72 million. During the same quarter last year, the business posted ($0.55) earnings per share. The company's revenue for the quarter was up 66.8% compared to the same quarter last year. Analysts anticipate 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.