Rhythm Pharmaceuticals, Inc. $RYTM Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC reduced its holdings in Rhythm Pharmaceuticals by 18.9%, now owning approximately 29,991 shares valued at $1.9 million as of the latest report.
• Analysts have given Rhythm Pharmaceuticals a consensus rating of Buy with a target price averaging $101.57, with notable upgrades from Bank of America and HC Wainwright.
• Despite a 66.8% year-over-year increase in revenue, Rhythm Pharmaceuticals reported an EPS of ($0.75), missing estimates by $0.09.

Wedge Capital Management L L P NC decreased its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 18.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,991 shares of the company's stock after selling 6,993 shares during the quarter. Wedge Capital Management L L P NC's holdings in Rhythm Pharmaceuticals were worth $1,895,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 1.0% in the first quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock valued at $918,000 after buying an additional 174 shares during the period. Xponance Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 4.7% in the first quarter. Xponance Inc. now owns 4,365 shares of the company's stock valued at $231,000 after buying an additional 197 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 0.7% during the first quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock valued at $1,968,000 after purchasing an additional 272 shares during the last quarter. GF Fund Management CO. LTD. boosted its position in shares of Rhythm Pharmaceuticals by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,573 shares of the company's stock valued at $83,000 after purchasing an additional 283 shares during the period. Finally, Two Sigma Advisers LP increased its stake in Rhythm Pharmaceuticals by 2.3% in the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company's stock worth $733,000 after purchasing an additional 300 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 price objective on the stock. Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective on the stock. Bank of America boosted their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. HC Wainwright boosted their price objective on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC restated a "buy" rating and set a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $99.00 on Tuesday. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of -32.89 and a beta of 2.23. The business's 50-day simple moving average is $95.32 and its 200-day simple moving average is $73.11. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $106.52.

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

Insider Buying and Selling

In other news, insider Pamela J. Cramer sold 15,572 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the transaction, the insider owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 7,969 shares of the stock in a transaction dated Wednesday, July 9th. The shares were 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 approximately $661,830.02. This represents a 48.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,077 shares of company stock worth $9,360,077. 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.

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