Voya Investment Management LLC Cuts Stock Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Voya Investment Management LLC has decreased its holdings in Rhythm Pharmaceuticals, Inc. by 11.6%, now owning 85,849 shares valued at approximately $4.5 million.
• Insider selling activity includes CAO Christopher Paul German selling 1,500 shares and CFO Hunter C. Smith selling 3,477 shares, indicating notable declines in their positions.
• Analysts maintain a positive outlook on Rhythm Pharmaceuticals, with several adjusting price targets upward; Morgan Stanley raised its price objective to $109.00 and Oppenheimer to $110.00.

Voya Investment Management LLC reduced its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 11.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,849 shares of the company's stock after selling 11,320 shares during the period. Voya Investment Management LLC owned 0.13% of Rhythm Pharmaceuticals worth $4,547,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Westfield Capital Management Co. LP purchased a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at about $71,038,000. Price T Rowe Associates Inc. MD increased its position in shares of 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 acquiring an additional 513,901 shares during the last quarter. Siren L.L.C. bought a new stake in Rhythm Pharmaceuticals during the first quarter worth $14,701,000. Comerica Bank boosted its position in Rhythm Pharmaceuticals by 1,330.2% in the first quarter. Comerica Bank now owns 244,754 shares of the company's stock worth $12,965,000 after purchasing an additional 227,641 shares during the last quarter. Finally, Checkpoint Capital L.P. grew its stake in Rhythm Pharmaceuticals by 24.6% in the 1st quarter. Checkpoint Capital L.P. now owns 907,240 shares of the company's stock valued at $48,057,000 after purchasing an additional 179,258 shares during the period.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total transaction of $142,500.00. Following the transaction, the chief accounting officer owned 922 shares in the company, valued at approximately $87,590. This represents a 61.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hunter C. Smith sold 3,477 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total value of $333,792.00. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at $11,223,840. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders 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

Several brokerages have commented on RYTM. Morgan Stanley reaffirmed an "overweight" rating and issued a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Oppenheimer increased their price objective on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Stifel Nicolaus boosted 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. Finally, Guggenheim upped their price target on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. 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 MarketBeat.com, the company has an average rating of "Buy" and an average target price of $101.57.

Rhythm Pharmaceuticals Stock Down 2.5%

Shares of Rhythm Pharmaceuticals stock opened at $96.06 on Friday. The business has a 50 day moving average of $95.12 and a 200 day moving average of $72.49. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $106.52. The company has a market cap of $6.38 billion, a PE ratio of -31.91 and a beta of 2.23.

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 analysts' consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The company had revenue of $48.50 million for the quarter, compared to analysts' expectations of $43.72 million. During the same period in the previous year, the firm posted ($0.55) earnings per share. The firm's revenue for the quarter was up 66.8% compared to the same quarter last year. On average, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

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.

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