Northern Trust Corp Has $28.40 Million Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Northern Trust Corp reduced its stake in Rhythm Pharmaceuticals by 1.7% during the first quarter, after selling 9,108 shares, leaving them with 536,206 shares valued at approximately $28.4 million.
• Analysts are bullish on Rhythm Pharmaceuticals, with multiple firms raising their price targets, leading to an average consensus price target of $101.57 and a general rating of "Buy."
• The company reported a revenue increase of 66.8% year-over-year, totaling $48.5 million, although they missed earnings expectations with an EPS of ($0.75).

Northern Trust Corp lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 536,206 shares of the company's stock after selling 9,108 shares during the quarter. Northern Trust Corp owned approximately 0.84% of Rhythm Pharmaceuticals worth $28,403,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RYTM. Westfield Capital Management Co. LP acquired a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $71,038,000. Janus Henderson Group PLC increased its position in Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after buying an additional 621,432 shares during the last quarter. Stempoint Capital LP increased its position in Rhythm Pharmaceuticals by 404.1% during the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company's stock worth $11,645,000 after buying an additional 166,748 shares during the last quarter. Integral Health Asset Management LLC acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth approximately $8,397,000. Finally, Nuveen LLC acquired a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $7,803,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RYTM shares. Stifel Nicolaus boosted their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Needham & Company LLC restated a "buy" rating and set a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. HC Wainwright boosted their price objective on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Leerink Partners started coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective for the company. Finally, JMP Securities boosted their price objective on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $101.57.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 7,969 shares of the stock in a transaction on Wednesday, July 9th. The stock was 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 represents a 48.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at $74,451.50. The trade was a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,177 shares of company stock valued at $9,977,553 over the last three months. 6.10% of the stock is currently owned by corporate insiders.

Rhythm Pharmaceuticals Trading Down 2.4%

NASDAQ RYTM traded down $2.52 on Wednesday, hitting $101.69. 621,711 shares of the company's stock were exchanged, compared to its average volume of 661,192. The stock has a 50-day moving average of $87.59 and a 200-day moving average of $68.63. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.00 and a 52 week high of $106.52. The stock has a market cap of $6.75 billion, a price-to-earnings ratio of -33.78 and a beta of 2.23.

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 business had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The firm's revenue for the quarter was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.55) earnings per share. As a group, analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

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.