Harbor Capital Advisors Inc. Increases Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Harbor Capital Advisors Inc. boosted its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 155.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,297 shares of the company's stock after buying an additional 47,045 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.12% of Rhythm Pharmaceuticals worth $4,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. SRS Capital Advisors Inc. grew its position in Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock worth $25,000 after purchasing an additional 400 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Rhythm Pharmaceuticals in the 4th quarter worth approximately $37,000. State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $61,000. GF Fund Management CO. LTD. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $72,000. Finally, Freestone Capital Holdings LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $207,000.

Analyst Ratings Changes

A number of brokerages recently issued reports on RYTM. Canaccord Genuity Group increased their price target on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. Bank of America raised Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 target price for the company in a research note on Monday, April 7th. Morgan Stanley reiterated an "overweight" rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. HC Wainwright reissued a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Finally, Wells Fargo & Company boosted their price target on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $76.62.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM traded down $0.12 during mid-day trading on Friday, reaching $62.90. 541,189 shares of the company's stock were exchanged, compared to its average volume of 558,105. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of -14.53 and a beta of 2.30. The company's 50-day moving average is $61.97 and its 200-day moving average is $57.97. Rhythm Pharmaceuticals, Inc. has a 52-week low of $39.46 and a 52-week high of $69.89.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period in the prior year, the firm earned ($2.35) earnings per share. The business's revenue was up 25.9% compared to the same quarter last year. As a group, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Pamela J. Cramer sold 7,031 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $68.05, for a total value of $478,459.55. Following the transaction, the insider now owns 19,209 shares in the company, valued at approximately $1,307,172.45. This represents a 26.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Yann Mazabraud sold 17,750 shares of the business's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $60.99, for a total transaction of $1,082,572.50. Following the sale, the executive vice president now owns 22,620 shares of the company's stock, valued at $1,379,593.80. This represents a 43.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 61,730 shares of company stock valued at $3,863,822 in the last three months. 6.10% of the stock is owned by corporate insiders.

About Rhythm Pharmaceuticals

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.