Cannon Financial Strategists Inc. Makes New Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Cannon Financial Strategists Inc. acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the company's stock, valued at approximately $560,000.

A number of other hedge funds also recently made changes to their positions in the business. Frazier Life Sciences Management L.P. lifted its position in shares of Rhythm Pharmaceuticals by 1.9% in the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock valued at $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company's stock worth $65,824,000 after purchasing an additional 3,499 shares during the last quarter. Alkeon Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 16.8% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company's stock worth $61,176,000 after purchasing an additional 167,700 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Rhythm Pharmaceuticals by 14.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company's stock worth $58,208,000 after purchasing an additional 143,800 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in Rhythm Pharmaceuticals during the 3rd quarter worth approximately $33,353,000.

Analysts Set New Price Targets

A number of equities analysts have commented on RYTM shares. The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. HC Wainwright reiterated a "buy" rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. JMP Securities reiterated a "market outperform" rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Needham & Company LLC reiterated a "buy" rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Finally, Oppenheimer started coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an "outperform" rating and a $76.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $68.09.

Rhythm Pharmaceuticals Stock Down 2.9 %

RYTM traded down $1.67 during midday trading on Friday, hitting $56.07. 420,178 shares of the company were exchanged, compared to its average volume of 463,964. The firm has a market capitalization of $3.45 billion, a P/E ratio of -12.95 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58. The firm's 50 day moving average price is $57.12 and its 200-day moving average price is $53.97.

Insider Activity

In other news, insider Joseph Shulman sold 1,281 shares of the business's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now directly owns 2,657 shares of the company's stock, valued at $157,905.51. The trade was a 32.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Christopher Paul German sold 635 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now directly owns 2,070 shares in the company, valued at $118,445.40. This represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,787 shares of company stock valued at $1,901,443 in the last ninety days. 5.60% of the stock is owned by company insiders.

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.