XTX Topco Ltd Raises Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Key Points

• XTX Topco Ltd significantly increased its holdings in Rhythm Pharmaceuticals by 293.8% in the first quarter, acquiring nearly 29,949 shares valued at approximately $1.58 million.
• In its latest quarterly earnings report, Rhythm Pharmaceuticals reported a loss of ($0.81) EPS, which was below the consensus estimate, with revenue of $37.72 million.
• Analysts have a consensus rating of "Buy" for Rhythm Pharmaceuticals, with an average price target of $91.93, after several firms issued positive ratings and boosted price targets recently.

XTX Topco Ltd grew its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 293.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,949 shares of the company's stock after acquiring an additional 22,344 shares during the quarter. XTX Topco Ltd's holdings in Rhythm Pharmaceuticals were worth $1,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. raised its stake in shares of Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock worth $84,321,000 after purchasing an additional 42,236 shares during the period. TD Asset Management Inc raised its stake in shares of Rhythm Pharmaceuticals by 5.0% during the 1st quarter. TD Asset Management Inc now owns 50,200 shares of the company's stock worth $2,659,000 after purchasing an additional 2,400 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Rhythm Pharmaceuticals by 22.4% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 93,105 shares of the company's stock worth $4,932,000 after purchasing an additional 17,021 shares during the period. Victory Capital Management Inc. raised its stake in shares of Rhythm Pharmaceuticals by 1.0% during the 1st quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock worth $918,000 after purchasing an additional 174 shares during the period. Finally, Leo Wealth LLC bought a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth $848,000.

Insider Activity

In other news, CFO Hunter C. Smith sold 42,120 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the transaction, the chief financial officer owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. The trade was a 26.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alastair Garfield sold 1,319 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total value of $85,484.39. Following the transaction, the insider directly owned 3,126 shares of the company's stock, valued at $202,596.06. The trade was a 29.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,417 shares of company stock valued at $6,352,511. 6.10% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded up $3.07 during midday trading on Friday, hitting $88.30. 666,964 shares of the company traded hands, compared to its average volume of 901,449. The stock has a 50-day moving average of $72.39 and a 200-day moving average of $62.45. Rhythm Pharmaceuticals, Inc. has a one year low of $40.61 and a one year high of $94.80. The firm has a market cap of $5.62 billion, a P/E ratio of -31.42 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The company had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. During the same quarter in the prior year, the company earned ($2.35) earnings per share. The company's quarterly revenue was up 25.9% on a year-over-year basis. Sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Bank of America lifted their target price on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an "outperform" rating and a $88.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, JMP Securities restated a "market outperform" rating and issued a $84.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Thursday, June 26th. One equities research 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 has a consensus rating of "Buy" and a consensus price target of $91.93.

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.