Nan Fung Group Holdings Ltd Purchases New Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Nan Fung Group Holdings Ltd. acquired 49,120 shares of Rhythm Pharmaceuticals in the second quarter, reportedly making up 4.1% of its portfolio and approximately 0.07% of Rhythm’s outstanding stock.
• Rhythm insiders sold 182,676 shares worth about $20.8 million during the last quarter, including substantial reductions by executives Jennifer Kayden Lee and Alastair Garfield under pre-arranged Rule 10b5-1 plans.
• Rhythm reported stronger-than-expected quarterly results, with revenue rising 46.9% year over year to $71.25 million and an adjusted loss of $0.73 per share. Analysts maintain a “Moderate Buy” consensus, with an average price target of $142.44 versus a recent share price of $111.44.

Nan Fung Group Holdings Ltd acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 49,120 shares of the company's stock, valued at approximately $5,453,794,000. Rhythm Pharmaceuticals comprises 4.1% of Nan Fung Group Holdings Ltd's portfolio, making the stock its 6th largest position. Nan Fung Group Holdings Ltd owned about 0.07% of Rhythm Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RYTM. EverSource Wealth Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 303.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after purchasing an additional 200 shares during the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Rhythm Pharmaceuticals by 73.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after purchasing an additional 145 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company's stock worth $40,000 after purchasing an additional 97 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock valued at $43,000 after purchasing an additional 113 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at $51,000.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 75,834 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $117.38, for a total transaction of $8,901,394.92. Following the completion of the sale, the executive vice president owned 54,233 shares of the company's stock, valued at approximately $6,365,869.54. The trade was a 58.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.57, for a total value of $912,695.91. Following the sale, the insider directly owned 2,295 shares of the company's stock, valued at $269,823.15. This represents a 77.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 182,676 shares of company stock worth $20,754,691 in the last quarter. Company insiders own 5.90% of the company's stock.

Rhythm Pharmaceuticals Trading Up 1.3%

RYTM opened at $111.44 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $74.50 and a 1-year high of $122.20. The company has a market capitalization of $7.64 billion, a PE ratio of -35.83 and a beta of 1.92. The firm's 50 day simple moving average is $108.47 and its two-hundred day simple moving average is $96.72.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business had revenue of $71.25 million for the quarter, compared to analysts' expectations of $67.66 million. During the same quarter last year, the company posted ($0.75) EPS. The company's revenue was up 46.9% compared to the same quarter last year. Equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RYTM has been the subject of several research analyst reports. Citigroup reiterated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, June 15th. Royal Bank Of Canada raised their price target on shares of Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. Finally, National Bank Financial set a $160.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.44.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company's research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company's lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.

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