Cinctive Capital Management LP Acquires Shares of 82,755 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Cinctive Capital Management LP bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 82,755 shares of the company's stock, valued at approximately $4,633,000. Cinctive Capital Management LP owned about 0.13% of Rhythm Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Rhythm Pharmaceuticals by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company's stock valued at $22,730,000 after acquiring an additional 5,908 shares in the last quarter. FMR LLC raised its stake in Rhythm Pharmaceuticals by 79.7% in the 3rd quarter. FMR LLC now owns 50,295 shares of the company's stock valued at $2,635,000 after purchasing an additional 22,306 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Rhythm Pharmaceuticals by 307.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company's stock valued at $756,000 after purchasing an additional 10,882 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Rhythm Pharmaceuticals by 0.8% during the 3rd quarter. Janus Henderson Group PLC now owns 598,122 shares of the company's stock worth $31,335,000 after purchasing an additional 4,480 shares during the last quarter. Finally, Castleark Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 1.3% during the third quarter. Castleark Management LLC now owns 19,260 shares of the company's stock worth $1,009,000 after buying an additional 250 shares in the last quarter.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM traded up $5.57 during mid-day trading on Tuesday, hitting $60.53. The company's stock had a trading volume of 770,922 shares, compared to its average volume of 526,633. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58. The stock's fifty day simple moving average is $54.55 and its two-hundred day simple moving average is $55.09. The firm has a market capitalization of $3.83 billion, a P/E ratio of -14.04 and a beta of 2.32.

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

Analysts Set New Price Targets

RYTM has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective on the stock in a report on Monday. JMP Securities reiterated a "market outperform" rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. HC Wainwright reiterated a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Finally, Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a "buy" rating and a $78.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of "Buy" and an average target price of $74.92.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 1,678 shares of the company's 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 $99,723.54. Following the completion of the transaction, the chief financial officer now owns 101,186 shares in the company, valued at $6,013,483.98. This represents a 1.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,131 shares of company stock valued at $5,781,098 over the last quarter. Company insiders own 5.60% of the company's stock.

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.