Alkeon Capital Management LLC Buys 167,700 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Alkeon Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 16.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,167,700 shares of the company's stock after purchasing an additional 167,700 shares during the period. Alkeon Capital Management LLC owned about 1.90% of Rhythm Pharmaceuticals worth $61,176,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in RYTM. Loomis Sayles & Co. L P purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth about $33,353,000. Driehaus Capital Management LLC raised its position in Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock valued at $48,548,000 after acquiring an additional 326,865 shares in the last quarter. Candriam S.C.A. acquired a new stake in Rhythm Pharmaceuticals in the second quarter valued at approximately $11,143,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Rhythm Pharmaceuticals by 32.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock valued at $39,715,000 after acquiring an additional 236,600 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Rhythm Pharmaceuticals by 157.7% in the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company's stock worth $15,371,000 after acquiring an additional 229,056 shares in the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 17,501 shares of the firm's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $148,950. This trade represents a 85.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pamela J. Cramer sold 4,099 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the sale, the insider now directly owns 13,500 shares in the company, valued at $675,405. The trade was a 23.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 138,181 shares of company stock worth $8,359,750 over the last three months. Company insiders own 5.60% of the company's stock.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM traded down $0.21 during mid-day trading on Friday, hitting $62.04. The company's stock had a trading volume of 254,209 shares, compared to its average volume of 547,110. The stock's 50-day moving average is $54.06 and its two-hundred day moving average is $47.79. The firm has a market capitalization of $3.81 billion, a PE ratio of -14.38 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a one year low of $32.22 and a one year high of $68.58.

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

Analysts Set New Price Targets

RYTM has been the topic of a number of recent research reports. Canaccord Genuity Group restated a "buy" rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Bank of America increased their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Monday, October 14th. TD Cowen boosted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Finally, JMP Securities assumed coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.30.

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.