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

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

A number of other institutional investors have also added to or reduced their stakes in the stock. First Trust Advisors LP lifted its holdings in Rhythm Pharmaceuticals by 67.2% during the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock worth $6,625,000 after buying an additional 47,575 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $521,000. SBI Securities Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $37,000. BNP Paribas Financial Markets lifted its stake in shares of Rhythm Pharmaceuticals by 491.0% in the fourth quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock valued at $4,772,000 after buying an additional 70,824 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its position in Rhythm Pharmaceuticals by 18.5% in the 4th quarter. Teacher Retirement System of Texas now owns 13,586 shares of the company's stock valued at $761,000 after acquiring an additional 2,117 shares in the last quarter.

Analyst Ratings Changes

RYTM has been the topic of several analyst reports. HC Wainwright restated a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Canaccord Genuity Group raised their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. Morgan Stanley reissued an "overweight" rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Bank of America upgraded shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective for the company in a report on Monday, April 7th. Finally, Stifel Nicolaus increased their target price on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $76.62.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM traded down $0.12 during trading on Friday, reaching $62.90. The company's stock had a trading volume of 541,189 shares, compared to its average volume of 557,672. Rhythm Pharmaceuticals, Inc. has a one year low of $39.46 and a one year high of $69.89. The stock has a market capitalization of $4.00 billion, a PE ratio of -14.53 and a beta of 2.30. The firm has a fifty day moving average of $62.07 and a 200 day moving average of $57.97.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $37.72 million during the quarter, compared to analysts' expectations of $40.43 million. During the same quarter last year, the firm posted ($2.35) earnings per share. The firm's revenue was up 25.9% on a year-over-year basis. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling

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

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.