141,162 Shares in Rhythm Pharmaceuticals, Inc. $RYTM Acquired by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. has acquired 141,162 shares of Rhythm Pharmaceuticals, valued at approximately $7.47 million, representing a 0.22% stake in the company.
• Insider transactions revealed that CFO Hunter C. Smith sold 42,120 shares for about $3.39 million, indicating a 26.48% decrease in his ownership.
• Wall Street analysts have a positive outlook on Rhythm Pharmaceuticals, with several firms raising their target prices, leading to a consensus rating of "Buy" and a target price of approximately $101.57.

Panagora Asset Management Inc. bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 141,162 shares of the company's stock, valued at approximately $7,477,000. Panagora Asset Management Inc. owned about 0.22% of Rhythm Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at about $34,000. State of Wyoming acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $61,000. GF Fund Management CO. LTD. acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $72,000. CWM LLC boosted its position in shares of Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at about $166,000.

Rhythm Pharmaceuticals Stock Down 2.4%

NASDAQ:RYTM traded down $2.52 on Wednesday, reaching $101.69. 621,711 shares of the company's stock were exchanged, compared to its average volume of 540,772. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of -33.78 and a beta of 2.23. The business has a fifty day moving average of $88.38 and a 200-day moving average of $68.86. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.00 and a 52-week high of $106.52.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly 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). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million for the quarter, compared to analysts' expectations of $43.72 million. During the same quarter last year, the company earned ($0.55) earnings per share. The firm's revenue for the quarter was up 66.8% on a year-over-year basis. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Activity

In related news, insider Pamela J. Cramer sold 1,520 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $85.93, for a total transaction of $130,613.60. Following the sale, the insider directly owned 20,814 shares in the company, valued at approximately $1,788,547.02. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Christopher Paul German sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the sale, the chief accounting officer owned 922 shares in the company, valued at $87,590. The trade was a 61.93% 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.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RYTM shares. Wells Fargo & Company boosted their price target on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. Oppenheimer boosted their price objective on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Stifel Nicolaus boosted their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Canaccord Genuity Group boosted their price objective on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $101.57.

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.