Cinctive Capital Management LP Sells 35,781 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Cinctive Capital Management LP decreased its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 50.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,156 shares of the company’s stock after selling 35,781 shares during the period. Cinctive Capital Management LP’s holdings in Rhythm Pharmaceuticals were worth $3,550,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RYTM. Smartleaf Asset Management LLC lifted its holdings in Rhythm Pharmaceuticals by 97.2% during the third quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock worth $29,000 after acquiring an additional 141 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 1,110.3% in the third quarter. Farther Finance Advisors LLC now owns 351 shares of the company’s stock worth $35,000 after acquiring an additional 322 shares in the last quarter. Optiver Holding B.V. increased its holdings in shares of Rhythm Pharmaceuticals by 65.2% in the third quarter. Optiver Holding B.V. now owns 365 shares of the company’s stock worth $37,000 after acquiring an additional 144 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Rhythm Pharmaceuticals by 65.9% during the second quarter. Osaic Holdings Inc. now owns 979 shares of the company’s stock worth $62,000 after purchasing an additional 389 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth about $67,000.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the sale, the chief financial officer owned 110,512 shares of the company’s stock, valued at $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 5,614 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $89.56, for a total transaction of $502,789.84. Following the transaction, the chief accounting officer owned 160 shares of the company’s stock, valued at $14,329.60. The trade was a 97.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,267 shares of company stock valued at $2,719,955 over the last ninety days. Company insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $87.38 on Monday. The stock has a market capitalization of $5.97 billion, a P/E ratio of -28.10 and a beta of 2.06. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $122.20. The business has a 50-day moving average of $100.23 and a 200-day moving average of $103.01.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.06. The business had revenue of $57.25 million for the quarter, compared to analyst estimates of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.Rhythm Pharmaceuticals’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.72) EPS. Equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RYTM shares. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, March 3rd. Guggenheim raised their target price on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Needham & Company LLC cut their price target on shares of Rhythm Pharmaceuticals from $148.00 to $139.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Stifel Nicolaus set a $131.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, February 26th. Finally, UBS Group reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.19.

Rhythm Pharmaceuticals Company Profile

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.