Highland Capital Management LP Takes $313,000 Position in Rhythm Pharmaceuticals Inc (RYTM)
Highland Capital Management LP bought a new position in Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) in the second quarter, HoldingsChannel.com reports. The firm bought 10,000 shares of the company’s stock, valued at approximately $313,000.
Other hedge funds have also recently modified their holdings of the company. Bank of America Corp DE grew its position in Rhythm Pharmaceuticals by 110.5% during the 2nd quarter. Bank of America Corp DE now owns 6,251 shares of the company’s stock worth $195,000 after purchasing an additional 3,282 shares during the period. Alps Advisors Inc. grew its position in Rhythm Pharmaceuticals by 9.2% during the 2nd quarter. Alps Advisors Inc. now owns 39,952 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,359 shares during the period. Cubist Systematic Strategies LLC grew its position in Rhythm Pharmaceuticals by 642.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,735 shares of the company’s stock worth $273,000 after purchasing an additional 7,559 shares during the period. Rhumbline Advisers acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth about $357,000. Finally, TD Asset Management Inc. acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth about $364,000. Institutional investors own 89.97% of the company’s stock.
NASDAQ:RYTM opened at $31.40 on Friday. Rhythm Pharmaceuticals Inc has a 52 week low of $16.80 and a 52 week high of $37.23. The stock has a market cap of $1.07 billion and a PE ratio of -10.98.
Several equities research analysts have weighed in on RYTM shares. Zacks Investment Research raised Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Wednesday, May 23rd. Needham & Company LLC increased their price target on Rhythm Pharmaceuticals from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, June 25th. BidaskClub downgraded Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Morgan Stanley set a $38.00 price target on Rhythm Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, September 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $37.40.
About Rhythm Pharmaceuticals
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
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