Rhythm Pharmaceuticals, Inc. $RYTM Shares Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC ramped up its stake in Rhythm Pharmaceuticals (NASDAQ:RYTM) by 123.2% in Q4, adding 507,017 shares to hold 918,567 shares (about 1.38%) valued at roughly $98.3 million.
• Other institutions also increased exposure — Vanguard raised its position 24.3% to 6,210,916 shares (≈$664.8M) and RA Capital holds 5.68M shares (≈$573.8M), among additional sizable holdings.
• Analyst sentiment and recent results: the stock has a "Moderate Buy" consensus with an average target of $131.13, and Rhythm slightly beat Q4 estimates (EPS -$0.73 vs -$0.79; revenue $57.25M, +36.9% YoY) with a market cap around $5.56 billion.

Jennison Associates LLC grew its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 123.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 918,567 shares of the company's stock after acquiring an additional 507,017 shares during the quarter. Jennison Associates LLC owned about 1.38% of Rhythm Pharmaceuticals worth $98,323,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Rhythm Pharmaceuticals by 24.3% during the fourth quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company's stock worth $664,816,000 after acquiring an additional 1,214,489 shares during the last quarter. RA Capital Management L.P. increased its stake in Rhythm Pharmaceuticals by 2.2% during the third quarter. RA Capital Management L.P. now owns 5,681,359 shares of the company's stock worth $573,760,000 after acquiring an additional 120,000 shares during the last quarter. Federated Hermes Inc. increased its stake in Rhythm Pharmaceuticals by 2.5% during the third quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company's stock worth $174,499,000 after acquiring an additional 41,391 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Rhythm Pharmaceuticals by 51.6% during the third quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company's stock worth $119,983,000 after acquiring an additional 404,510 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Rhythm Pharmaceuticals by 1,493.8% in the third quarter. Alliancebernstein L.P. now owns 979,682 shares of the company's stock valued at $98,938,000 after buying an additional 918,212 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Guggenheim increased their target price on Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a "buy" rating in a research note on Friday, February 27th. Bank of America lowered their target price on Rhythm Pharmaceuticals from $145.00 to $139.00 and set a "buy" rating for the company in a research note on Tuesday, March 17th. Wells Fargo & Company increased their target price on Rhythm Pharmaceuticals from $136.00 to $143.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Wall Street Zen lowered Rhythm Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, April 19th. Finally, Citizens Jmp lowered their target price on Rhythm Pharmaceuticals from $176.00 to $152.00 and set a "market outperform" rating for the company in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $131.13.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 5,614 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $89.56, for a total value of $502,789.84. Following the completion of the transaction, the chief accounting officer owned 160 shares of the company's stock, valued at approximately $14,329.60. This represents a 97.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the transaction, the chief financial officer directly owned 110,512 shares of the company's stock, valued at $11,190,445.12. This represents a 3.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 27,267 shares of company stock valued at $2,719,955 in the last three months. 6.10% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $81.36 on Friday. The firm has a market cap of $5.56 billion, a P/E ratio of -26.16 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 1 year low of $55.31 and a 1 year high of $122.20. The stock has a 50-day simple moving average of $88.12 and a 200-day simple moving average of $99.60.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) EPS for the quarter, beating analysts' consensus estimates of ($0.79) by $0.06. The firm had revenue of $57.25 million during the quarter, compared to the consensus estimate of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.Rhythm Pharmaceuticals's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.72) earnings per share. On average, equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.08 EPS for the current year.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company's research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company's lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.

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