Millennium Management LLC Trims Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Millennium Management LLC trimmed its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 58.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,259 shares of the company's stock after selling 21,718 shares during the period. Millennium Management LLC's holdings in Rhythm Pharmaceuticals were worth $854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. SRS Capital Advisors Inc. raised its stake in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock valued at $25,000 after purchasing an additional 400 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $37,000. KBC Group NV lifted its holdings in shares of Rhythm Pharmaceuticals by 78.2% in the 4th quarter. KBC Group NV now owns 2,251 shares of the company's stock valued at $126,000 after acquiring an additional 988 shares during the last quarter. Freestone Capital Holdings LLC bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $207,000. Finally, Raymond James Financial Inc. purchased a new position in Rhythm Pharmaceuticals in the fourth quarter worth about $218,000.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 6,745 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the sale, the executive vice president now directly owns 37,655 shares in the company, valued at approximately $2,450,587.40. This trade represents a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Pamela J. Cramer sold 7,031 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $65.09, for a total transaction of $457,647.79. Following the transaction, the insider now owns 19,209 shares in the company, valued at approximately $1,250,313.81. This trade represents a 26.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 127,630 shares of company stock valued at $7,107,346 over the last quarter. 6.10% of the stock is owned by corporate insiders.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded up $1.93 during trading hours on Friday, hitting $68.11. The company's stock had a trading volume of 707,935 shares, compared to its average volume of 556,653. The firm's fifty day moving average price is $60.80 and its 200 day moving average price is $57.80. Rhythm Pharmaceuticals, Inc. has a 52 week low of $38.85 and a 52 week high of $68.58. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of -15.73 and a beta of 2.30.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on RYTM. Wells Fargo & Company lifted their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Needham & Company LLC boosted their target price on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Canaccord Genuity Group increased their price target on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. Stifel Nicolaus boosted their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $76.62.

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.