Zweig DiMenna Associates LLC Buys New Shares in Rhythm Pharmaceuticals, Inc. $RYTM

Key Points

• Zweig DiMenna Associates LLC initiated a new position in Rhythm Pharmaceuticals, buying 81,600 shares worth about $8.7 million in the fourth quarter, representing roughly 0.12% of the company.
• Rhythm Pharmaceuticals recently reported quarterly results that beat analyst expectations, posting EPS of ($0.83) versus an estimated ($0.86) and revenue of $60.11 million, up 83.8% year over year.
• Wall Street remains generally bullish on the stock, with an average rating of Moderate Buy and an average price target of $131.81, while several firms recently reiterated buy ratings and high price targets.

Zweig DiMenna Associates LLC bought a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 81,600 shares of the company's stock, valued at approximately $8,734,000. Zweig DiMenna Associates LLC owned about 0.12% of Rhythm Pharmaceuticals at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in Rhythm Pharmaceuticals by 148.2% in the 1st quarter. AQR Capital Management LLC now owns 39,363 shares of the company's stock valued at $2,085,000 after buying an additional 23,506 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Rhythm Pharmaceuticals by 6.4% in the 1st 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. Prudential Financial Inc. increased its holdings in Rhythm Pharmaceuticals by 62.9% in the 2nd quarter. Prudential Financial Inc. now owns 7,095 shares of the company's stock valued at $423,000 after buying an additional 2,740 shares during the period. Qube Research & Technologies Ltd increased its holdings in Rhythm Pharmaceuticals by 11.2% in the 2nd quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company's stock valued at $15,187,000 after buying an additional 24,152 shares during the period. Finally, Sei Investments Co. increased its holdings in Rhythm Pharmaceuticals by 10.0% in the 2nd quarter. Sei Investments Co. now owns 33,145 shares of the company's stock valued at $2,095,000 after buying an additional 3,004 shares during the period.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 5,614 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the sale, the chief accounting officer owned 160 shares of the company's stock, valued at $14,329.60. This represents a 97.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $88.32 on Friday. The firm's 50-day simple moving average is $87.42 and its 200-day simple moving average is $97.24. Rhythm Pharmaceuticals, Inc. has a twelve month low of $60.06 and a twelve month high of $122.20. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -28.22 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business had revenue of $60.11 million for the quarter, compared to analyst estimates of $55.78 million. During the same quarter in the prior year, the firm earned ($0.81) EPS. The firm's quarterly revenue was up 83.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RYTM. Telsey Advisory Group set a $143.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, March 12th. Jefferies Financial Group reissued a "buy" rating and issued a $125.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, March 3rd. Bank of America lowered their price target on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a "buy" rating on the stock in a report on Tuesday, March 17th. Zacks Research raised shares of Rhythm Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 17th. Finally, Canaccord Genuity Group boosted their price target on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a "buy" rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $131.81.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company's research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company's lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.

Want to see what other hedge funds are holding RYTM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.