PNC Financial Services Group Inc. Has $239,000 Holdings in Rhythm Pharmaceuticals, Inc. $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. raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 1,386.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,518 shares of the company's stock after buying an additional 4,214 shares during the period. PNC Financial Services Group Inc.'s holdings in Rhythm Pharmaceuticals were worth $239,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RYTM. State of Wyoming bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $61,000. GF Fund Management CO. LTD. bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $72,000. CWM LLC raised its holdings in Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after buying an additional 1,240 shares in the last quarter. Bayforest Capital Ltd bought a new position in Rhythm Pharmaceuticals during the first quarter valued at about $166,000. Finally, Raymond James Financial Inc. bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $218,000.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 8,509 shares of the company's stock, valued at $661,830.02. This represents a 48.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Pamela J. Cramer sold 15,572 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total value of $1,201,068.36. Following the completion of the transaction, the insider directly owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,989 shares of company stock worth $9,558,460. Insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Stock Up 3.0%

Rhythm Pharmaceuticals stock traded up $2.98 during trading hours on Thursday, hitting $101.68. The stock had a trading volume of 682,917 shares, compared to its average volume of 552,947. The company has a 50-day moving average of $81.14 and a two-hundred day moving average of $66.14. The company has a market cap of $6.75 billion, a PE ratio of -33.78 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $43.57 and a fifty-two week high of $101.74.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.09). The firm had revenue of $48.50 million during the quarter, compared to analyst estimates of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The company's revenue was up 66.8% on a year-over-year basis. During the same period last year, the company earned ($0.55) EPS. As a group, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on RYTM shares. Oppenheimer raised their target price on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Bank of America boosted their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. 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. Finally, Morgan Stanley reissued an "overweight" rating and set a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $101.57.

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.