277,533 Shares in Rhythm Pharmaceuticals, Inc. $RYTM Acquired by Siren L.L.C.

Key Points

• Siren L.L.C. has acquired 277,533 shares of Rhythm Pharmaceuticals (NASDAQ: RYTM), valued at approximately $14.7 million, now making up about 0.9% of Siren's portfolio.
• Several hedge funds, including Trexquant Investment LP and Comerica Bank, have significantly increased their stakes in Rhythm Pharmaceuticals, indicating growing interest in the stock.
• Despite a revenue increase of 66.8% year-over-year, Rhythm Pharmaceuticals reported a quarterly loss of ($0.75) EPS, which was below analysts' expectations.

Siren L.L.C. bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 277,533 shares of the company's stock, valued at approximately $14,701,000. Rhythm Pharmaceuticals makes up about 0.9% of Siren L.L.C.'s holdings, making the stock its 29th biggest position. Siren L.L.C. owned about 0.44% of Rhythm Pharmaceuticals as of its most recent SEC filing.

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

Insider Transactions at Rhythm Pharmaceuticals

In other news, CAO Christopher Paul German sold 1,500 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the sale, the chief accounting officer directly owned 922 shares of the company's stock, valued at approximately $87,590. This trade represents a 61.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Pamela J. Cramer sold 1,520 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $85.93, for a total value of $130,613.60. Following the sale, the insider directly owned 20,814 shares in the company, valued at $1,788,547.02. The trade was 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 119,177 shares of company stock valued at $9,977,553. Company insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RYTM shares. Needham & Company LLC restated a "buy" rating and issued a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. Stifel Nicolaus raised their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Wells Fargo & Company raised their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Bank of America raised their price target on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Finally, Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of "Buy" and an average price target of $101.57.

Rhythm Pharmaceuticals Trading Down 1.0%

Rhythm Pharmaceuticals stock traded down $1.08 during midday trading on Friday, reaching $103.15. The company's stock had a trading volume of 402,638 shares, compared to its average volume of 572,019. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.00 and a 52 week high of $104.93. The business has a 50-day moving average price of $85.96 and a 200-day moving average price of $68.06. The stock has a market cap 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The business had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. During the same quarter in the prior year, the firm earned ($0.55) EPS. The business's revenue was up 66.8% on a year-over-year basis. As a group, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS 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.