Price T Rowe Associates Inc. MD Purchases 134,622 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Price T Rowe Associates Inc. MD lifted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 24.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 685,152 shares of the company's stock after purchasing an additional 134,622 shares during the period. Price T Rowe Associates Inc. MD owned approximately 1.11% of Rhythm Pharmaceuticals worth $38,355,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RYTM. SRS Capital Advisors Inc. lifted its holdings in Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock worth $25,000 after buying an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Rhythm Pharmaceuticals during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. bought a new position in Rhythm Pharmaceuticals in the fourth quarter valued at about $37,000. R Squared Ltd acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter worth about $44,000. Finally, Swiss National Bank raised its holdings in Rhythm Pharmaceuticals by 1.0% during the 4th quarter. Swiss National Bank now owns 90,200 shares of the company's stock worth $5,049,000 after purchasing an additional 900 shares during the last quarter.

Wall Street Analysts Forecast Growth

RYTM has been the topic of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $66.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Bank of America raised shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target on the stock in a research report on Monday, April 7th. Finally, Morgan Stanley restated an "overweight" rating and issued 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, the stock has a consensus rating of "Buy" and an average price target of $74.92.

Rhythm Pharmaceuticals Trading Up 0.3 %

Shares of Rhythm Pharmaceuticals stock traded up $0.21 during trading hours on Friday, reaching $64.01. 475,184 shares of the company's stock were exchanged, compared to its average volume of 549,602. The stock has a market cap of $4.07 billion, a P/E ratio of -14.78 and a beta of 2.36. The company has a 50 day moving average of $56.09 and a two-hundred day moving average of $56.61. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $68.58.

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

Insiders Place Their Bets

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

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.