Russell Investments Group Ltd. Buys 113,781 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Rhythm Pharmaceuticals by 11,412.3%, owning 114,778 shares after purchasing an additional 113,781 shares during the first quarter.
• Rhythm Pharmaceuticals reported a revenue of $48.50 million for the latest quarter, which surpassed analysts' expectations, although it posted a larger-than-expected loss of ($0.75) EPS.
• Numerous analysts have issued a “buy” rating for Rhythm Pharmaceuticals, with price targets ranging from $94.00 to $135.00, reflecting a consensus rating of "Buy" and an average price target of $101.57.

Russell Investments Group Ltd. boosted its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 11,412.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,778 shares of the company's stock after acquiring an additional 113,781 shares during the quarter. Russell Investments Group Ltd. owned 0.18% of Rhythm Pharmaceuticals worth $6,080,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RYTM. State of Wyoming acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $61,000. GF Fund Management CO. LTD. acquired a new position in Rhythm Pharmaceuticals in the fourth quarter valued at $72,000. CWM LLC lifted its holdings in Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after buying an additional 1,240 shares during the period. Bayforest Capital Ltd bought a new stake in Rhythm Pharmaceuticals in the first quarter valued at $166,000. Finally, Raymond James Financial Inc. bought a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at $218,000.

Wall Street Analyst Weigh In

RYTM has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective (up from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. The Goldman Sachs Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective for the company. HC Wainwright upped their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Guggenheim upped their price objective on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of "Buy" and a consensus price target of $101.57.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $96.00, for a total value of $333,792.00. Following the sale, the chief financial officer directly owned 116,915 shares in the company, valued at $11,223,840. This represents a 2.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 1,520 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $85.93, for a total transaction of $130,613.60. Following the completion of the sale, the insider owned 20,814 shares in the company, valued at $1,788,547.02. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,989 shares of company stock worth $9,558,460. Company insiders own 6.10% of the company's stock.

Rhythm Pharmaceuticals Trading Up 1.6%

Shares of RYTM stock traded up $1.59 during trading on Friday, reaching $103.27. 711,779 shares of the company's stock traded hands, compared to its average volume of 567,664. The company has a market capitalization of $6.86 billion, a P/E ratio of -34.31 and a beta of 2.38. The firm's 50-day moving average is $81.94 and its 200 day moving average is $66.48. Rhythm Pharmaceuticals, Inc. has a 1 year low of $44.31 and a 1 year high of $104.87.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly 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). The business had revenue of $48.50 million for the quarter, compared to analysts' expectations 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 quarterly revenue was up 66.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.55) earnings per share. As a group, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

About Rhythm Pharmaceuticals

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.