Rhumbline Advisers Acquires 2,988 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Rhumbline Advisers increased its stake in Rhythm Pharmaceuticals by 3.6%, acquiring an additional 2,988 shares, bringing its total holdings to 85,719 shares valued at approximately $4.54 million.
• Insider transactions included Joseph Shulman selling 4,188 shares and Pamela J. Cramer selling 1,520 shares, indicating a decrease in their ownership of the stock.
• Rhythm Pharmaceuticals received several positive upgrades from analysts, with price targets raised by firms such as Bank of America and Oppenheimer, indicating strong market confidence in the stock.

Rhumbline Advisers grew its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,719 shares of the company's stock after acquiring an additional 2,988 shares during the quarter. Rhumbline Advisers owned 0.13% of Rhythm Pharmaceuticals worth $4,541,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RYTM. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth about $34,000. State of Wyoming bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $61,000. GF Fund Management CO. LTD. bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $72,000. CWM LLC increased its holdings in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after acquiring an additional 1,240 shares in the last quarter. Finally, Bayforest Capital Ltd bought a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth about $166,000.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 4,188 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total value of $419,093.16. Following the completion of the sale, the insider directly owned 8,509 shares of the company's stock, valued at $851,495.63. This trade represents a 32.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Pamela J. Cramer sold 1,520 shares of the firm'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 value of $130,613.60. Following the completion of the sale, the insider directly owned 20,814 shares of the company's stock, valued at approximately $1,788,547.02. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 110,077 shares of company stock valued at $9,360,077. Corporate insiders own 6.10% of the company's stock.

Wall Street Analyst Weigh In

RYTM has been the subject of several recent research reports. Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. Bank of America upped 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. Oppenheimer upped their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Morgan Stanley reaffirmed an "overweight" rating and set a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Finally, Guggenheim upped their price objective on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $96.22 on Friday. The stock has a 50 day moving average price of $93.40 and a 200 day moving average price of $71.12. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $106.52. The stock has a market capitalization of $6.39 billion, a PE ratio of -31.97 and a beta of 2.23.

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

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.

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