Price T Rowe Associates Inc. MD Has $63.52 Million Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Rhythm Pharmaceuticals by 75%, owning approximately 1.88% of the company, valued at $63.5 million after purchasing an additional 513,901 shares.
• Insiders sold a total of 119,177 shares of Rhythm Pharmaceuticals stock over the last three months amounting to about $9.98 million, with significant trades from both Joseph Shulman and CFO Hunter C. Smith.
• Rhythm Pharmaceuticals reported a quarterly revenue increase of 66.8% year-over-year, although it missed analysts' earnings estimates and posted a negative earnings per share of ($0.75).

Price T Rowe Associates Inc. MD boosted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 75.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,199,053 shares of the company's stock after buying an additional 513,901 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 1.88% of Rhythm Pharmaceuticals worth $63,515,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at $34,000. Algert Global LLC boosted its stake in Rhythm Pharmaceuticals by 47.9% in the 1st quarter. Algert Global LLC now owns 61,461 shares of the company's stock valued at $3,256,000 after buying an additional 19,910 shares in the last quarter. Aberdeen Group plc boosted its stake in Rhythm Pharmaceuticals by 34.3% in the 1st quarter. Aberdeen Group plc now owns 108,129 shares of the company's stock valued at $5,728,000 after buying an additional 27,612 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at $1,016,000. Finally, E Fund Management Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at $286,000.

Rhythm Pharmaceuticals Stock Performance

RYTM traded down $1.08 during trading on Monday, reaching $103.15. 402,638 shares of the company's stock were exchanged, compared to its average volume of 572,019. The company's fifty day moving average price is $86.78 and its 200-day moving average price is $68.38. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $104.93. The firm has a market capitalization of $6.85 billion, a PE ratio of -34.27 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. During the same period in the prior year, the firm posted ($0.55) EPS. Rhythm Pharmaceuticals's revenue was up 66.8% on a year-over-year basis. Research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 1,500 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total value of $142,500.00. Following the sale, the chief accounting officer directly owned 922 shares in the company, valued at approximately $87,590. This trade represents a 61.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total transaction of $333,792.00. Following the completion of the sale, the chief financial officer owned 116,915 shares in the company, valued at approximately $11,223,840. This trade represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,177 shares of company stock valued at $9,977,553. 6.10% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently commented on RYTM shares. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price target on the stock. Oppenheimer boosted their price target on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. Morgan Stanley reaffirmed an "overweight" rating and set a $109.00 price target (up from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. Guggenheim raised their price target on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, HC Wainwright raised their price target on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $101.57.

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.