Lord Abbett & CO. LLC Sells 25,291 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Rhythm Pharmaceuticals by 15.7%, now holding approximately 135,360 shares valued at $7.17 million.
• Rhythm Pharmaceuticals reported a loss of $0.75 EPS for the last quarter, missing expectations, but experienced a revenue increase of 66.8% year-over-year.
• Analysts have revised price targets for Rhythm Pharmaceuticals with several setting targets above $90, reflecting a consensus rating of "Buy."

Lord Abbett & CO. LLC reduced its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 15.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 135,360 shares of the company's stock after selling 25,291 shares during the quarter. Lord Abbett & CO. LLC owned about 0.21% of Rhythm Pharmaceuticals worth $7,170,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in shares of Rhythm Pharmaceuticals by 67.2% during the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after acquiring an additional 47,575 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Rhythm Pharmaceuticals by 1,386.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company's stock valued at $239,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of 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 acquiring an additional 70,824 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at $1,042,000. Finally, Principal Financial Group Inc. lifted its position 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 acquiring an additional 272 shares during the last quarter.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total transaction of $619,828.82. Following the completion of the sale, the insider owned 8,509 shares of the company's stock, valued at approximately $661,830.02. The trade was a 48.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hunter C. Smith sold 42,120 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the sale, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $9,409,319.20. This represents a 26.48% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,989 shares of company stock worth $9,558,460. 6.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. HC Wainwright increased their target price on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They issued an "outperform" rating and a $88.00 target price for the company. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price target on the stock. Finally, Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM traded down $0.90 during mid-day trading on Tuesday, hitting $97.19. The company had a trading volume of 349,469 shares, compared to its average volume of 566,562. The business's 50-day simple moving average is $79.69 and its 200-day simple moving average is $65.62. Rhythm Pharmaceuticals, Inc. has a 12 month low of $43.57 and a 12 month high of $99.04. The firm has a market cap of $6.46 billion, a P/E ratio of -32.29 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released 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). The company had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The firm's quarterly revenue was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.55) EPS. As a group, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

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.