Fox Run Management L.L.C. Makes New Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Fox Run Management L.L.C. has invested approximately $1,016,000 in Rhythm Pharmaceuticals by acquiring 19,172 shares.
• Several analysts have increased their price targets for Rhythm Pharmaceuticals, with a consensus target now at $101.57 and a majority rating the stock as a "buy".
• Insider sales have been significant, with insiders selling 114,989 shares valued at over $9.5 million in the last quarter, reducing their ownership to 6.10% of the company.

Fox Run Management L.L.C. purchased a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 19,172 shares of the company's stock, valued at approximately $1,016,000.

Other institutional investors have also recently made changes to their positions in the company. First Trust Advisors LP grew its holdings in shares of Rhythm Pharmaceuticals by 67.2% during the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after buying an additional 47,575 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Rhythm Pharmaceuticals by 491.0% during the 4th quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock valued at $4,772,000 after buying an additional 70,824 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at $1,042,000. Principal Financial Group Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock valued at $1,968,000 after buying an additional 272 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at $1,176,000.

Analysts Set New Price Targets

Several research firms have recently weighed in on RYTM. The Goldman Sachs Group began coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 price target on the stock. Oppenheimer increased their price target on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Bank of America increased their price target on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. JMP Securities increased their price target on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 6th. Finally, HC Wainwright increased their price target 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. 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 company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $101.57.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 1,520 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $85.93, for a total transaction of $130,613.60. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 3,984 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $90.08, for a total transaction of $358,878.72. Following the transaction, the insider directly owned 8,509 shares of the company's stock, valued at $766,490.72. The trade was a 31.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 114,989 shares of company stock valued at $9,558,460. Company insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM opened at $96.48 on Friday. The firm has a fifty day moving average price of $77.87 and a 200-day moving average price of $64.75. The stock has a market cap of $6.41 billion, a PE ratio of -32.05 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 1 year low of $43.57 and a 1 year high of $99.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. The business's revenue for the quarter was up 66.8% on a year-over-year basis. During the same period last year, the company earned ($0.55) earnings per share. On average, research analysts expect 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.

Want to see what other hedge funds are holding RYTM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.