Lord Abbett & CO. LLC Has $7.17 Million Holdings in 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 decreased its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 15.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,360 shares of the company's stock after selling 25,291 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.21% of Rhythm Pharmaceuticals worth $7,170,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RYTM. State of Wyoming bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $61,000. GF Fund Management CO. LTD. bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $72,000. CWM LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after buying an additional 1,240 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth $166,000. Finally, Raymond James Financial Inc. bought a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at $218,000.

Insider Activity

In related news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction dated 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 transaction, the insider directly owned 8,509 shares of the company's stock, valued at $661,830.02. This trade represents a 48.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Hunter C. Smith sold 42,120 shares of Rhythm Pharmaceuticals stock in a transaction dated 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 transaction, 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 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.

Analyst Upgrades and Downgrades

RYTM has been the subject of a number of research reports. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price target (up from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. Wells Fargo & Company increased their price target on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Morgan Stanley reissued an "overweight" rating and issued a $109.00 price target (up from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. Guggenheim increased their price target on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, Bank of America increased their price target on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a 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 company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $101.57.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM traded up $2.0550 during midday trading on Friday, reaching $103.7350. 205,280 shares of the company's stock were exchanged, compared to its average volume of 662,394. The company's 50 day simple moving average is $81.14 and its two-hundred day simple moving average is $66.14. The firm has a market capitalization of $6.89 billion, a PE ratio of -34.45 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 12 month low of $44.31 and a 12 month high of $104.18.

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 (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. During the same period in the prior year, the business earned ($0.55) earnings per share. The company's revenue for the quarter was up 66.8% on a year-over-year basis. On average, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share 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.