Informed Momentum Co LLC Cuts Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• Informed Momentum Co LLC reduced its holdings in Rhythm Pharmaceuticals by 28.5% by selling 17,970 shares, leaving them with about 0.07% of the company valued at approximately $2.39 million.
• Rhythm Pharmaceuticals reported a quarterly loss of ($0.75) EPS, missing estimates, but achieved a revenue of $48.50 million, exceeding expectations and demonstrating a 66.8% year-over-year increase.
• Multiple analysts have upgraded their price targets for Rhythm Pharmaceuticals, with a consensus price target now at $101.57, indicating strong future potential following recent trading activity.

Informed Momentum Co LLC decreased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 28.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 45,108 shares of the company's stock after selling 17,970 shares during the period. Informed Momentum Co LLC owned approximately 0.07% of Rhythm Pharmaceuticals worth $2,389,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RYTM. Federated Hermes Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock valued at $84,321,000 after acquiring an additional 42,236 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at $71,038,000. Janus Henderson Group PLC boosted its holdings in shares of Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after acquiring an additional 621,432 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Rhythm Pharmaceuticals by 70.4% during the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock valued at $38,783,000 after acquiring an additional 286,188 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Rhythm Pharmaceuticals by 24.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 685,152 shares of the company's stock valued at $38,355,000 after acquiring an additional 134,622 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM traded up $1.13 during midday trading on Friday, hitting $97.61. 522,257 shares of the company traded hands, compared to its average volume of 584,828. The firm has a 50 day moving average of $78.46 and a 200-day moving average of $65.09. Rhythm Pharmaceuticals, Inc. has a 52 week low of $43.57 and a 52 week high of $99.04. The stock has a market cap of $6.48 billion, a price-to-earnings ratio of -32.43 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) EPS 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 business had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. During the same period in the previous year, the business posted ($0.55) EPS. The firm's revenue was up 66.8% on a year-over-year basis. Sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the completion of the sale, the insider directly owned 8,509 shares in the company, valued at $661,830.02. This trade represents a 48.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher Paul German sold 3,817 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 114,989 shares of company stock valued at $9,558,460. 6.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on RYTM shares. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Oppenheimer boosted their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price objective (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and issued a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, August 5th. Finally, Bank of America boosted their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Company 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.