Rhythm Pharmaceuticals, Inc. $RYTM Shares Bought by Harbor Capital Advisors Inc.

Key Points

• Harbor Capital Advisors Inc. increased its stake in Rhythm Pharmaceuticals by **12.0%**, owning approximately **0.14%** of the company, valued at **$5.47 million**.
• Several large investors, including **BI Asset Management** and **State of Wyoming**, have recently acquired positions in Rhythm Pharmaceuticals, demonstrating increased institutional interest in the company.
• Analysts have raised price targets for Rhythm Pharmaceuticals with Guggenheim setting it at **$120.00** and Wells Fargo at **$129.00**, reflecting a generally positive sentiment as the stock maintains an average rating of **"Buy."**

Harbor Capital Advisors Inc. increased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 12.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,546 shares of the company's stock after acquiring an additional 9,249 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.14% of Rhythm Pharmaceuticals worth $5,469,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Westfield Capital Management Co. LP acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at approximately $71,038,000. Price T Rowe Associates Inc. MD boosted its holdings in Rhythm Pharmaceuticals by 75.0% in the 1st 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. Siren L.L.C. bought a new stake in Rhythm Pharmaceuticals during the first quarter worth about $14,701,000. Comerica Bank lifted its position in Rhythm Pharmaceuticals by 1,330.2% during the first quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after purchasing an additional 227,641 shares during the period. Finally, Checkpoint Capital L.P. raised its stake in Rhythm Pharmaceuticals by 24.6% during the first quarter. Checkpoint Capital L.P. now owns 907,240 shares of the company's stock worth $48,057,000 after acquiring an additional 179,258 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RYTM shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Wells Fargo & Company increased their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective for the company. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Oppenheimer boosted their target price on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Trading Down 2.5%

Shares of RYTM stock traded down $2.48 on Friday, reaching $96.06. 1,378,477 shares of the stock were exchanged, compared to its average volume of 561,497. The business's 50 day moving average price is $95.12 and its 200 day moving average price is $72.62. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of -31.91 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a twelve month low of $45.90 and a twelve month high of $106.52.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates 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 period last year, the firm earned ($0.55) earnings per share. Rhythm Pharmaceuticals's revenue was up 66.8% on a year-over-year basis. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $9,409,319.20. This trade represents a 26.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the sale, the insider directly owned 19,209 shares of the company's stock, valued at $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. In the last ninety days, insiders sold 110,077 shares of company stock valued at $9,360,077. 6.10% of the stock is currently owned by corporate insiders.

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.