Strs Ohio Makes New $980,000 Investment in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Strs Ohio has invested approximately $980,000 in Rhythm Pharmaceuticals, acquiring 18,500 shares of the company's stock.
• Analysts have issued positive ratings for Rhythm Pharmaceuticals, with several brokerages increasing their price targets and classifying the stock as a "buy" or "strong buy."
• Rhythm Pharmaceuticals reported earnings of ($0.75) per share for its last quarter, falling short of analysts' estimates, despite a revenue increase of 66.8% compared to the previous year.

Strs Ohio bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,500 shares of the company's stock, valued at approximately $980,000.

A number of other institutional investors have also recently made changes to their positions in RYTM. Siren L.L.C. acquired a new position in shares of Rhythm Pharmaceuticals in the first quarter worth approximately $14,701,000. Intech Investment Management LLC increased its position in shares of Rhythm Pharmaceuticals by 20.7% during the first quarter. Intech Investment Management LLC now owns 33,893 shares of the company's stock worth $1,795,000 after buying an additional 5,801 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the first quarter worth $166,000. Voleon Capital Management LP bought a new position in Rhythm Pharmaceuticals during the first quarter worth $732,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Rhythm Pharmaceuticals by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company's stock valued at $1,874,000 after buying an additional 2,126 shares during the period.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded up $2.94 on Monday, hitting $99.00. The stock had a trading volume of 771,631 shares, compared to its average volume of 594,832. The stock has a market cap of $6.58 billion, a P/E ratio of -32.89 and a beta of 2.23. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.90 and a 1 year high of $106.52. The firm's fifty day simple moving average is $95.32 and its two-hundred day simple moving average is $73.11.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results 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 analysts' expectations of $43.72 million. During the same quarter in the prior year, the company earned ($0.55) EPS. The company's revenue was up 66.8% on a year-over-year basis. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 4,188 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total value of $419,093.16. Following the transaction, the insider owned 8,509 shares of the company's stock, valued at $851,495.63. This represents a 32.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $96.00, for a total transaction of $333,792.00. Following the transaction, the chief financial officer directly owned 116,915 shares in the company, valued at approximately $11,223,840. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,077 shares of company stock valued at $9,360,077. 6.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They issued an "outperform" rating and a $88.00 price objective for the company. JMP Securities raised their target price on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. Wells Fargo & Company increased their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Bank of America lifted their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, Oppenheimer boosted their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals 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.