Rhythm Pharmaceuticals, Inc. $RYTM Shares Bought by SummitTX Capital L.P.

SummitTX Capital L.P. increased its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 105.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,599 shares of the company's stock after purchasing an additional 84,870 shares during the quarter. SummitTX Capital L.P. owned about 0.24% of Rhythm Pharmaceuticals worth $14,402,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Xponance LLC raised its stake in shares of Rhythm Pharmaceuticals by 2.6% in the 4th quarter. Xponance LLC now owns 4,269 shares of the company's stock worth $457,000 after buying an additional 107 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock valued at $43,000 after buying an additional 113 shares in the last quarter. Captrust Financial Advisors grew its holdings in Rhythm Pharmaceuticals by 0.7% during the second quarter. Captrust Financial Advisors now owns 17,471 shares of the company's stock worth $1,104,000 after acquiring an additional 114 shares during the period. GAMMA Investing LLC grew its holdings in Rhythm Pharmaceuticals by 48.6% during the fourth quarter. GAMMA Investing LLC now owns 361 shares of the company's stock worth $39,000 after acquiring an additional 118 shares during the period. Finally, SBI Securities Co. Ltd. raised its position in Rhythm Pharmaceuticals by 73.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock worth $37,000 after acquiring an additional 145 shares in the last quarter.

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director owned 7,000 shares of the company's stock, valued at approximately $702,240. This represents a 84.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 5.90% of the company's stock.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $102.10 on Monday. The firm has a market cap of $7.00 billion, a PE ratio of -32.62 and a beta of 1.88. The firm's 50 day moving average price is $98.91 and its two-hundred day moving average price is $95.76. Rhythm Pharmaceuticals, Inc. has a twelve month low of $74.50 and a twelve month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.86) by $0.03. The firm had revenue of $60.11 million during the quarter, compared to analysts' expectations of $55.78 million. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The business's revenue for the quarter was up 83.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.81) earnings per share. Equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.1 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on RYTM. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. TD Cowen reiterated a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Wells Fargo & Company increased their target price on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an "overweight" rating in a research note on Monday, June 15th. Finally, Canaccord Genuity Group lifted their price target on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.29.

About Rhythm Pharmaceuticals

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.