PNC Financial Services Group Inc. Boosts Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• PNC Financial Services Group Inc. boosted its stake in Rhythm Pharmaceuticals by a remarkable 1,386.2%, now holding 4,518 shares valued at approximately $239,000.
• Several large investors recently increased their positions in Rhythm Pharmaceuticals, including Wells Fargo and Barclays, highlighting a growing interest in the company's stock.
• Rhythm Pharmaceuticals reported a quarterly revenue of $48.50 million, surpassing analysts' expectations despite posting a loss of $0.75 per share.

PNC Financial Services Group Inc. increased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 1,386.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,518 shares of the company's stock after purchasing an additional 4,214 shares during the period. PNC Financial Services Group Inc.'s holdings in Rhythm Pharmaceuticals were worth $239,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in RYTM. Wells Fargo & Company MN raised its holdings in Rhythm Pharmaceuticals by 26.6% during the fourth quarter. Wells Fargo & Company MN now owns 37,324 shares of the company's stock worth $2,089,000 after purchasing an additional 7,850 shares in the last quarter. Invesco Ltd. grew its position in Rhythm Pharmaceuticals by 14.5% during the fourth quarter. Invesco Ltd. now owns 302,846 shares of the company's stock worth $16,953,000 after buying an additional 38,429 shares during the period. Raymond James Financial Inc. acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth about $218,000. Barclays PLC grew its position in Rhythm Pharmaceuticals by 27.3% during the fourth quarter. Barclays PLC now owns 135,397 shares of the company's stock worth $7,579,000 after buying an additional 29,000 shares during the period. Finally, Mariner LLC acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth about $254,000.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $97.61 on Friday. The firm has a market cap of $6.48 billion, a P/E ratio of -32.43 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 1 year low of $43.57 and a 1 year high of $99.04. The firm's 50 day moving average price is $78.46 and its 200 day moving average price is $65.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The company 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 business's revenue for the quarter was up 66.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.55) EPS. As a group, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Wall Street Analysts Forecast Growth

RYTM has been the topic of several recent analyst reports. 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 report on Thursday, July 10th. Needham & Company LLC restated a "buy" rating and set a $95.00 target price (up from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 target price on the stock. Stifel Nicolaus increased their price target on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, HC Wainwright increased their price target on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of "Buy" and an average price target of $101.57.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer owned 922 shares of the company's stock, valued at $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pamela J. Cramer sold 15,572 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 114,989 shares of company stock worth $9,558,460. Company 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.

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