Wedge Capital Management L L P NC Sells 11,427 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Wedge Capital Management L L P NC trimmed its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 23.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,984 shares of the company's stock after selling 11,427 shares during the period. Wedge Capital Management L L P NC owned about 0.06% of Rhythm Pharmaceuticals worth $1,959,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SRS Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock valued at $25,000 after buying an additional 400 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $37,000. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $72,000. Finally, Freestone Capital Holdings LLC purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $207,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RYTM. Needham & Company LLC lifted their price objective on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Stifel Nicolaus lifted their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, April 8th. HC Wainwright reissued a "buy" rating and set a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company lifted their target price on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an "overweight" rating in a research note on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $76.62.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded down $0.12 during trading hours on Friday, reaching $62.90. The stock had a trading volume of 541,189 shares, compared to its average volume of 556,906. Rhythm Pharmaceuticals, Inc. has a 52 week low of $39.46 and a 52 week high of $69.89. The company has a 50 day moving average price of $62.07 and a two-hundred day moving average price of $57.94. The stock has a market capitalization of $4.00 billion, a PE ratio of -14.53 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. During the same period in the previous year, the firm earned ($2.35) EPS. The business's revenue was up 25.9% compared to the same quarter last year. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 20,760 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total value of $1,248,506.40. Following the completion of the transaction, the insider now owns 19,209 shares in the company, valued at approximately $1,155,229.26. The trade was a 51.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 2,069 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $67.19, for a total value of $139,016.11. Following the completion of the transaction, the chief accounting officer now owns 1,889 shares of the company's stock, valued at approximately $126,921.91. This trade represents a 52.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 61,730 shares of company stock valued at $3,863,822 in the last quarter. 6.10% of the stock is currently owned by insiders.

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.