PDT Partners LLC Purchases 58,612 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• PDT Partners LLC significantly increased its holdings in Rhythm Pharmaceuticals by 134.5%, acquiring an additional 58,612 shares, bringing its total ownership to approximately 102,195 shares. This investment is valued at around $5.4 million.
• Several other institutional investors also expanded their stakes in Rhythm Pharmaceuticals during the first quarter, highlighting increased interest in the company's stock.
• Recent analyst ratings for Rhythm Pharmaceuticals have been generally positive, with institutions like Wells Fargo and Bank of America raising their price targets significantly, indicating strong growth expectations for the stock.

PDT Partners LLC increased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 134.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,195 shares of the company's stock after purchasing an additional 58,612 shares during the period. PDT Partners LLC owned approximately 0.16% of Rhythm Pharmaceuticals worth $5,413,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RYTM. Cubist Systematic Strategies LLC bought a new stake in Rhythm Pharmaceuticals in the first quarter worth about $9,207,000. Panagora Asset Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth approximately $7,477,000. Driehaus Capital Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 12.9% in the first quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock worth $77,231,000 after buying an additional 167,047 shares during the period. Siren L.L.C. bought a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $14,701,000. Finally, Trexquant Investment LP boosted its holdings in Rhythm Pharmaceuticals by 396.6% during the 1st quarter. Trexquant Investment LP now owns 38,724 shares of the company's stock valued at $2,051,000 after acquiring an additional 30,926 shares during the period.

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 1,520 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $85.93, for a total transaction of $130,613.60. Following the sale, the insider owned 20,814 shares of the company's stock, valued at $1,788,547.02. This trade represents a 6.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Christopher Paul German sold 1,500 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the completion of the transaction, the chief accounting officer owned 922 shares of the company's stock, valued at $87,590. This represents a 61.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 119,177 shares of company stock worth $9,977,553 in the last three months. Corporate insiders own 6.10% of the company's stock.

Analyst Ratings Changes

RYTM has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Guggenheim raised their price target on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. 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. Bank of America upped their target price on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Finally, The Goldman Sachs Group started coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They set a "buy" rating and a $97.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $103.15 on Monday. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of -34.27 and a beta of 2.23. The firm's 50-day moving average is $85.96 and its two-hundred day moving average is $68.06. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.00 and a 1 year high of $104.93.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly 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). 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 during the quarter, compared to analysts' expectations of $43.72 million. During the same period in the previous year, the company posted ($0.55) EPS. Rhythm Pharmaceuticals's revenue for the quarter was up 66.8% on a year-over-year basis. On average, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

About Rhythm Pharmaceuticals

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.

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