Price T Rowe Associates Inc. MD Grows 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 disclosure with the SEC. The firm owned 1,199,053 shares of the company's stock after acquiring an additional 513,901 shares during the period. Price T Rowe Associates Inc. MD owned 1.88% of Rhythm Pharmaceuticals worth $63,515,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RYTM. Federated Hermes Inc. increased its stake in shares of Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock worth $84,321,000 after purchasing an additional 42,236 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Rhythm Pharmaceuticals during the first quarter valued at $71,038,000. Janus Henderson Group PLC grew its holdings in Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after purchasing an additional 621,432 shares during the period. Northern Trust Corp increased its position in Rhythm Pharmaceuticals by 9.4% in the fourth quarter. Northern Trust Corp now owns 545,314 shares of the company's stock worth $30,527,000 after buying an additional 46,848 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rhythm Pharmaceuticals by 1.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 445,429 shares of the company's stock valued at $23,594,000 after buying an additional 5,179 shares during the period.

Rhythm Pharmaceuticals Trading Down 1.0%

Shares of RYTM stock traded down $1.08 during trading hours on Friday, reaching $103.15. The stock had a trading volume of 402,638 shares, compared to its average volume of 585,235. The stock's fifty day simple moving average is $85.96 and its 200 day simple moving average is $67.91. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.00 and a 12 month high of $104.93. The firm has a market capitalization of $6.85 billion, a PE ratio of -34.27 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share 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 firm had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. During the same period last year, the company posted ($0.55) EPS. The business's revenue was up 66.8% on a year-over-year basis. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on RYTM shares. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. JMP Securities increased their target price on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 6th. Stifel Nicolaus lifted their target price on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Canaccord Genuity Group upped their price target on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective for the company. One equities research 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 company presently has a consensus rating of "Buy" and a consensus target price of $101.57.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total value of $619,828.82. Following the transaction, the insider directly owned 8,509 shares in the company, valued at $661,830.02. This represents a 48.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher Paul German sold 3,817 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the sale, the chief accounting officer directly owned 922 shares in the company, valued at approximately $74,451.50. The trade was a 80.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 119,177 shares of company stock valued at $9,977,553 over the last 90 days. Company insiders own 6.10% of the company's stock.

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.