Rafferty Asset Management LLC Grows Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Rafferty Asset Management LLC increased its holdings in Rhythm Pharmaceuticals by 14.6%, acquiring an additional 7,338 shares, bringing its total ownership to approximately 57,732 shares worth $3,058,000.
• Multiple brokerages have raised their price targets for Rhythm Pharmaceuticals, with HC Wainwright setting a new target of $100.00 and Wells Fargo increasing theirs to $129.00, contributing to a consensus rating of "Buy" with an average price target of $101.57.
• Insider sales were reported, with CFO Hunter C. Smith selling 3,477 shares at an average price of $96.00, representing a decrease of 2.89% in his ownership, while overall insider sales in the last quarter amounted to $9,977,553.

Rafferty Asset Management LLC raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 14.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 57,732 shares of the company's stock after purchasing an additional 7,338 shares during the period. Rafferty Asset Management LLC owned approximately 0.09% of Rhythm Pharmaceuticals worth $3,058,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $218,000. Mariner LLC purchased a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at $254,000. Tower Research Capital LLC TRC raised its position in Rhythm Pharmaceuticals by 1,100.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,539 shares of the company's stock valued at $254,000 after buying an additional 4,161 shares during the last quarter. Hsbc Holdings PLC bought a new position in Rhythm Pharmaceuticals during the 4th quarter valued at $921,000. Finally, Aquatic Capital Management LLC purchased a new position in Rhythm Pharmaceuticals during the 4th quarter worth $516,000.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM traded down $2.15 during trading on Wednesday, hitting $102.06. 396,135 shares of the company's stock traded hands, compared to its average volume of 659,680. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of -33.91 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a 12-month low of $45.00 and a 12-month high of $106.52. The business has a 50 day moving average of $87.59 and a 200-day moving average of $68.63.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its 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 quarter in the previous year, the business earned ($0.55) EPS. Rhythm Pharmaceuticals's revenue for the quarter was up 66.8% on a year-over-year basis. On average, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph Shulman sold 4,188 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the sale, the insider owned 8,509 shares of the company's stock, valued at approximately $851,495.63. This represents a 32.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 1,500 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total value of $142,500.00. Following the transaction, the chief accounting officer directly owned 922 shares of the company's stock, valued at $87,590. The trade was a 61.93% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,177 shares of company stock worth $9,977,553. Insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

RYTM has been the subject of several analyst reports. The Goldman Sachs Group began coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $97.00 target price for the company. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. Oppenheimer boosted their target price on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Stifel Nicolaus increased their price target 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, Canaccord Genuity Group lifted their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. Based on data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Buy" and a consensus target price of $101.57.

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.