Nuveen LLC Invests $7.80 Million in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Nuveen LLC has made a new investment of approximately $7.80 million in Rhythm Pharmaceuticals by acquiring 147,301 shares, representing about 0.23% of the company as per the latest SEC filing.
• Rhythm Pharmaceuticals reported a 66.8% increase in quarterly revenue to $48.50 million, although it missed analysts' EPS estimate by $0.09, resulting in an EPS of ($0.75).
• Several analysts have raised their target prices on Rhythm Pharmaceuticals, with Wells Fargo increasing its target from $91.00 to $129.00 and maintaining an "overweight" rating.

Nuveen LLC bought a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 147,301 shares of the company's stock, valued at approximately $7,803,000. Nuveen LLC owned about 0.23% of Rhythm Pharmaceuticals at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its holdings in Rhythm Pharmaceuticals by 67.2% in the fourth 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. boosted its holdings in Rhythm Pharmaceuticals by 1,386.2% in the first 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 boosted its holdings in Rhythm Pharmaceuticals by 491.0% in the fourth 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 position in Rhythm Pharmaceuticals in the first quarter valued at $1,042,000. Finally, Principal Financial Group Inc. boosted its holdings in Rhythm Pharmaceuticals by 0.7% in the first 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.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM traded down $1.08 during midday trading on Friday, reaching $103.15. 402,638 shares of the company's stock were exchanged, compared to its average volume of 585,235. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.00 and a 52-week high of $104.93. The stock has a market capitalization of $6.85 billion, a PE ratio of -34.27 and a beta of 2.38. The business's fifty day moving average price is $85.96 and its two-hundred day moving average price is $67.98.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The business had revenue of $48.50 million for the quarter, compared to analysts' expectations 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 was up 66.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.55) earnings per share. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on RYTM shares. Canaccord Genuity Group raised their price objective on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. Stifel Nicolaus raised their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $101.57.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 3,477 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total value of $333,792.00. Following the completion of the sale, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $11,223,840. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Shulman sold 4,188 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $100.07, for a total value of $419,093.16. Following the completion of the sale, the insider directly owned 8,509 shares of the company's stock, valued at approximately $851,495.63. This represents a 32.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 119,177 shares of company stock valued at $9,977,553 in the last three months. Corporate insiders own 6.10% of the company's stock.

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.