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

Key Points

• Siren L.L.C. invested approximately $14.70 million in Rhythm Pharmaceuticals, acquiring 277,533 shares, which represents about 0.44% ownership of the company.
• Recent insider sales have seen executives Joseph Shulman and Pamela J. Cramer decrease their stakes by 48.36% and 44.77% respectively, with insiders collectively selling 110,077 shares valued at over $9.3 million in the past 90 days.
• Analysts have a positive outlook on Rhythm Pharmaceuticals, with multiple firms setting price targets above $100 and an average rating of "Buy", reflecting confidence in the company's growth potential.

Siren L.L.C. acquired a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 277,533 shares of the company's stock, valued at approximately $14,701,000. Siren L.L.C. owned 0.44% of Rhythm Pharmaceuticals at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 1,386.2% in the first quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company's stock worth $239,000 after buying an additional 4,214 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Rhythm Pharmaceuticals by 491.0% in the fourth quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock worth $4,772,000 after buying an additional 70,824 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth approximately $1,042,000. Principal Financial Group Inc. raised its holdings 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 buying an additional 272 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth approximately $1,176,000.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock traded down $0.07 during midday trading on Tuesday, hitting $95.96. 84,400 shares of the company were exchanged, compared to its average volume of 655,004. The firm has a market capitalization of $6.37 billion, a PE ratio of -31.88 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $106.52. The business has a fifty day simple moving average of $93.99 and a two-hundred day simple moving average of $71.54.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate 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 return on equity of 1,831.43% and a negative net margin of 117.13%.The firm's revenue was up 66.8% on a year-over-year basis. During the same period last year, the business earned ($0.55) earnings per share. As a group, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 1,520 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $85.93, for a total transaction of $130,613.60. Following the sale, the insider directly owned 20,814 shares of the company's stock, valued at $1,788,547.02. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph Shulman sold 4,188 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $100.07, for a total value of $419,093.16. Following the completion of the transaction, the insider owned 8,509 shares of the company's stock, valued at approximately $851,495.63. This represents a 32.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,077 shares of company stock valued at $9,360,077 in the last three months. 6.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RYTM. JMP Securities increased their price target on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Morgan Stanley reiterated an "overweight" rating and issued a $109.00 price target (up from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. Needham & Company LLC restated 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. Finally, Leerink Partners started 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. One research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Company 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.