Rhumbline Advisers Has $4.54 Million Stock Position in 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 increased its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 3.6% in the 1st quarter, according to its most recent Form 13F filing 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 period. Rhumbline Advisers owned approximately 0.13% of Rhythm Pharmaceuticals worth $4,541,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Rhythm Pharmaceuticals in the first quarter valued at approximately $34,000. State of Wyoming bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $61,000. GF Fund Management CO. LTD. bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $72,000. CWM LLC boosted 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 valued at $137,000 after acquiring an additional 1,240 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in Rhythm Pharmaceuticals during the first quarter valued at approximately $166,000.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $96.00, for a total transaction of $333,792.00. Following the transaction, the chief financial officer owned 116,915 shares in the company, valued at $11,223,840. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joseph Shulman sold 4,188 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the transaction, the insider owned 8,509 shares in the company, valued at approximately $851,495.63. This trade represents a 32.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,077 shares of company stock worth $9,360,077 in the last quarter. 6.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Oppenheimer increased their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Bank of America increased their target price on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Guggenheim increased their target price on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They set a "buy" rating and a $97.00 target price for the company. Finally, Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Trading Up 2.5%

RYTM stock traded up $2.44 during midday trading on Thursday, reaching $98.54. The company had a trading volume of 747,663 shares, compared to its average volume of 558,263. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.90 and a 1 year high of $106.52. The company has a market capitalization of $6.55 billion, a P/E ratio of -32.74 and a beta of 2.23. The company has a 50 day moving average of $94.93 and a two-hundred day moving average of $72.19.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company 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 company earned ($0.55) EPS. The firm's quarterly revenue was up 66.8% compared to the same quarter last year. On average, sell-side analysts anticipate 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.