Hsbc Holdings PLC Invests $921,000 in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Hsbc Holdings PLC purchased a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 16,287 shares of the company's stock, valued at approximately $921,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. Tower Research Capital LLC TRC increased its stake in shares of Rhythm Pharmaceuticals by 1,100.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,539 shares of the company's stock worth $254,000 after purchasing an additional 4,161 shares in the last quarter. MetLife Investment Management LLC increased its stake in Rhythm Pharmaceuticals by 5.8% during the 4th quarter. MetLife Investment Management LLC now owns 33,498 shares of the company's stock worth $1,875,000 after buying an additional 1,846 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Rhythm Pharmaceuticals by 67.2% during the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after acquiring an additional 47,575 shares during the last quarter. Farringdon Capital Ltd. purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $384,000. Finally, Marshall Wace LLP boosted its stake in shares of Rhythm Pharmaceuticals by 70.4% in the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock worth $38,783,000 after acquiring an additional 286,188 shares during the last quarter.

Insiders Place Their Bets

In related news, insider Joseph Shulman sold 1,281 shares of the company's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares of the company's stock, valued at $157,905.51. This represents a 32.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Yann Mazabraud sold 75,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares of the company's stock, valued at approximately $2,078,247.60. This represents a 65.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,417 shares of company stock valued at $9,008,789. 5.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Canaccord Genuity Group raised their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, April 8th. Needham & Company LLC restated a "buy" rating and set a $66.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 target price on the stock in a report on Monday, April 7th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and a consensus target price of $74.92.

Rhythm Pharmaceuticals Trading Up 0.3 %

Rhythm Pharmaceuticals stock opened at $64.01 on Monday. The company has a fifty day simple moving average of $56.09 and a 200-day simple moving average of $56.67. The stock has a market cap of $4.07 billion, a P/E ratio of -14.78 and a beta of 2.36. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business had revenue of $41.83 million for the quarter, compared to analyst estimates of $38.48 million. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

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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