1,341,092 Shares in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Acquired by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP has acquired a $71.04 million position in Rhythm Pharmaceuticals, amounting to approximately 1.34 million shares, representing about 2.11% of the company's total shares.
• Recent insider sales included significant transactions from the CFO and CAO, with the CFO selling 42,120 shares and the CAO selling 3,817 shares, leading to considerable decreases in their ownership.
• Equity analysts are optimistic about Rhythm Pharmaceuticals, with multiple firms issuing "buy" ratings and raising price targets; the average target now stands at $91.93.

Westfield Capital Management Co. LP purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,341,092 shares of the company's stock, valued at approximately $71,038,000. Westfield Capital Management Co. LP owned approximately 2.11% of Rhythm Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of RYTM. BIT Capital GmbH purchased a new position in shares of Rhythm Pharmaceuticals during the first quarter valued at $319,000. PNC Financial Services Group Inc. increased its position in Rhythm Pharmaceuticals by 1,386.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company's stock worth $239,000 after purchasing an additional 4,214 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $906,000. Bayforest Capital Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at about $166,000. Finally, XTX Topco Ltd grew its stake in shares of Rhythm Pharmaceuticals by 293.8% in the 1st quarter. XTX Topco Ltd now owns 29,949 shares of the company's stock valued at $1,586,000 after buying an additional 22,344 shares in the last quarter.

Rhythm Pharmaceuticals Trading Up 0.8%

RYTM stock traded up $0.69 during trading on Thursday, hitting $90.70. The company had a trading volume of 234,638 shares, compared to its average volume of 669,400. The company has a fifty day moving average price of $74.14 and a two-hundred day moving average price of $63.18. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $43.57 and a fifty-two week high of $94.80. The company has a market cap of $5.77 billion, a P/E ratio of -30.13 and a beta of 2.38.

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 for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,058.36% and a negative net margin of 117.13%. The firm had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. During the same period in the prior year, the company posted ($0.55) earnings per share. Rhythm Pharmaceuticals's quarterly revenue was up 66.8% compared to the same quarter last year. On average, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total value of $1,201,068.36. Following the completion of the sale, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Alastair Garfield sold 1,319 shares of the firm's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total transaction of $85,484.39. Following the completion of the sale, the insider owned 3,126 shares of the company's stock, valued at $202,596.06. The trade was a 29.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,417 shares of company stock valued at $6,352,511. Insiders own 6.10% of the company's stock.

Analyst Ratings Changes

RYTM has been the topic of several recent research reports. Oppenheimer raised their price objective 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. Morgan Stanley raised their price target on shares of Rhythm Pharmaceuticals from $100.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. The Goldman Sachs Group began coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a "buy" rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of "Buy" and a consensus price target of $101.57.

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.