Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Sold by Algert Global LLC

Algert Global LLC lowered its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 48.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,171 shares of the company's stock after selling 49,961 shares during the quarter. Algert Global LLC owned approximately 0.09% of Rhythm Pharmaceuticals worth $2,838,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its position in shares of Rhythm Pharmaceuticals by 348.9% during the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company's stock valued at $1,385,000 after purchasing an additional 26,214 shares in the last quarter. Castleark Management LLC purchased a new position in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $2,769,000. Principal Financial Group Inc. increased its stake in Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock worth $1,707,000 after acquiring an additional 23,054 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Rhythm Pharmaceuticals in the 1st quarter worth approximately $665,000. Finally, Frazier Life Sciences Management L.P. raised its holdings in shares of Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock worth $97,366,000 after acquiring an additional 181,125 shares in the last quarter.

Analyst Ratings Changes

RYTM has been the topic of several research reports. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a "buy" rating and a $70.00 price target on the stock. HC Wainwright restated a "buy" rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday. JMP Securities began coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 price target for the company. Canaccord Genuity Group restated a "buy" rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.30.

Rhythm Pharmaceuticals Price Performance

RYTM stock traded up $0.30 during mid-day trading on Wednesday, reaching $62.25. The company had a trading volume of 432,859 shares, compared to its average volume of 548,383. The firm has a 50 day moving average of $53.73 and a 200 day moving average of $47.59. The company has a market capitalization of $3.83 billion, a PE ratio of -14.31 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 12 month low of $31.52 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analysts' expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm's quarterly revenue was up 47.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.76) EPS. Analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,099 shares of the firm's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the transaction, the insider now directly owns 13,500 shares in the company, valued at $675,405. This trade represents a 23.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the sale, the executive vice president now owns 972 shares in the company, valued at approximately $64,472.76. This represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 138,181 shares of company stock valued at $8,359,750. Corporate 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.