Siren L.L.C. Takes $14.70 Million Position in Rhythm Pharmaceuticals, Inc. $RYTM

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 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 277,533 shares of the company's stock, valued at approximately $14,701,000. Rhythm Pharmaceuticals comprises approximately 0.9% of Siren L.L.C.'s investment portfolio, making the stock its 29th biggest position. Siren L.L.C. owned approximately 0.44% of Rhythm Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP acquired a new position in Rhythm Pharmaceuticals in the 1st quarter valued at approximately $71,038,000. Janus Henderson Group PLC boosted 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after purchasing an additional 513,901 shares in the last quarter. Comerica Bank increased its holdings in shares of Rhythm Pharmaceuticals by 1,330.2% during the first quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after buying an additional 227,641 shares in the last quarter. Finally, Stempoint Capital LP increased its holdings in shares of Rhythm Pharmaceuticals by 404.1% during the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company's stock worth $11,645,000 after buying an additional 166,748 shares in the last quarter.

Rhythm Pharmaceuticals Trading Down 0.9%

Shares of RYTM stock traded down $0.89 on Wednesday, hitting $103.32. The stock had a trading volume of 255,554 shares, compared to its average volume of 658,898. Rhythm Pharmaceuticals, Inc. has a twelve month low of $45.00 and a twelve month high of $106.52. The firm has a market cap of $6.86 billion, a P/E ratio of -34.33 and a beta of 2.23. The company has a fifty day moving average price of $87.59 and a two-hundred day moving average price of $68.63.

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 firm had revenue of $48.50 million during 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 quarterly revenue was up 66.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.55) earnings per share. On average, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total transaction of $619,828.82. Following the transaction, the insider owned 8,509 shares in the company, valued at approximately $661,830.02. The trade was a 48.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,201,068.36. Following the sale, the insider owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. The trade was a 44.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,177 shares of company stock worth $9,977,553 in the last three months. 6.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RYTM has been the subject of a number of recent analyst reports. 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. Oppenheimer upped their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. JMP Securities upped 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. Wells Fargo & Company upped their target price on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Leerink Partners started coverage on Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an "outperform" rating and a $88.00 target price for the company. One 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.com, Rhythm Pharmaceuticals has a consensus rating of "Buy" and a consensus price target of $101.57.

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.