Rhythm Pharmaceuticals, Inc. $RYTM Shares Bought by Strs Ohio

Strs Ohio raised its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 140.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,914 shares of the company’s stock after purchasing an additional 16,914 shares during the quarter. Strs Ohio’s holdings in Rhythm Pharmaceuticals were worth $2,515,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. M&T Bank Corp purchased a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $9,202,000. Jennison Associates LLC lifted its stake in Rhythm Pharmaceuticals by 123.2% during the 4th quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after acquiring an additional 507,017 shares during the period. Capital Research Global Investors purchased a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at $60,417,000. Zweig DiMenna Associates LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $8,734,000. Finally, Aquatic Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 974.9% in the third quarter. Aquatic Capital Management LLC now owns 42,490 shares of the company’s stock worth $4,291,000 after acquiring an additional 38,537 shares during the period.

Rhythm Pharmaceuticals Trading Up 0.5%

RYTM traded up $0.55 during midday trading on Tuesday, hitting $112.23. 222,504 shares of the company traded hands, compared to its average volume of 808,010. The company has a market capitalization of $7.69 billion, a price-to-earnings ratio of -36.03 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 52-week low of $64.65 and a 52-week high of $122.20. The business has a 50 day simple moving average of $93.75 and a two-hundred day simple moving average of $95.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.03. The business had revenue of $60.11 million for the quarter, compared to analyst estimates of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The company’s revenue for the quarter was up 83.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.81) earnings per share. Equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.11 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RYTM shares. Needham & Company LLC decreased their price objective on Rhythm Pharmaceuticals from $139.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, March 17th. Telsey Advisory Group set a $143.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, March 12th. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. HC Wainwright cut their price objective on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 21st. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $136.40.

Insiders Place Their Bets

In related news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the sale, the director directly owned 7,000 shares in the company, valued at approximately $702,240. The trade was a 84.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals 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.