Siren L.L.C. Makes New $14.70 Million Investment 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 position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 277,533 shares of the company's stock, valued at approximately $14,701,000. Siren L.L.C. owned about 0.44% of Rhythm Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RYTM. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Rhythm Pharmaceuticals during the first quarter worth about $34,000. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $72,000. CWM LLC grew its holdings in shares of Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after buying an additional 1,240 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new position in shares of Rhythm Pharmaceuticals during the first quarter worth about $166,000.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the business's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total value of $619,828.82. Following the completion of the transaction, the insider directly owned 8,509 shares in the company, valued at approximately $661,830.02. The trade was a 48.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pamela J. Cramer sold 15,572 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the sale, the insider directly owned 19,209 shares of the company's stock, valued at $1,481,590.17. This represents a 44.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,077 shares of company stock valued at $9,360,077. Insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RYTM shares. Leerink Partners started coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price target on the stock. HC Wainwright raised their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Guggenheim raised their price objective on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Wells Fargo & Company raised their price objective on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group initiated 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. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $100.27 on Thursday. The business's 50 day simple moving average is $92.15 and its 200-day simple moving average is $70.39. The firm has a market capitalization of $6.66 billion, a price-to-earnings ratio of -33.31 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.90 and a 12 month 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The company had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. During the same quarter in the prior year, the firm earned ($0.55) earnings per share. The company's revenue for the quarter was up 66.8% on a year-over-year basis. On average, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current 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.

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