Voleon Capital Management LP Takes Position in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Voleon Capital Management acquired 13,819 shares of Rhythm Pharmaceuticals, valued at approximately $732,000, during the first quarter.
• Rhythm Pharmaceuticals reported a loss of $0.75 EPS for the recent quarter, missing analyst estimates, but achieved a revenue of $48.5 million, exceeding expectations.
• Multiple brokerages have issued positive ratings for Rhythm Pharmaceuticals, with price targets increasing, including a recent target of $109.00 by Morgan Stanley.

Voleon Capital Management LP acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 13,819 shares of the company's stock, valued at approximately $732,000.

Other large investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP acquired a new position in Rhythm Pharmaceuticals during the first quarter valued at approximately $71,038,000. Janus Henderson Group PLC boosted its holdings in shares of Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after buying an additional 621,432 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Rhythm Pharmaceuticals by 75.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after buying an additional 513,901 shares during the last quarter. Siren L.L.C. bought a new position in Rhythm Pharmaceuticals in the 1st quarter worth $14,701,000. Finally, Comerica Bank lifted its position in Rhythm Pharmaceuticals by 1,330.2% during the 1st quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after acquiring an additional 227,641 shares during the last quarter.

Rhythm Pharmaceuticals Trading Up 1.7%

Shares of RYTM stock opened at $101.44 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.90 and a 12 month high of $106.52. The company has a market capitalization of $6.74 billion, a P/E ratio of -33.70 and a beta of 2.23. The stock has a 50 day moving average of $91.48 and a two-hundred day moving average of $70.18.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results 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 revenue for the quarter was up 66.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.55) earnings per share. Sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RYTM. Morgan Stanley reaffirmed an "overweight" rating and issued a $109.00 price target (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Stifel Nicolaus increased their target price on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Bank of America lifted 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. HC Wainwright upped their price target on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $101.57.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the transaction, the chief financial officer owned 116,915 shares in the company, valued at $9,409,319.20. This trade represents a 26.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the sale, the insider directly owned 8,509 shares in the company, valued at $661,830.02. The trade was a 48.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,077 shares of company stock valued at $9,360,077 over the last quarter. 6.10% of the stock is currently owned by insiders.

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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