Connor Clark & Lunn Investment Management Ltd. Buys New Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,089 shares of the company's stock, valued at approximately $341,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company's stock worth $2,635,000 after buying an additional 22,306 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of 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 during the period. Principal Financial Group Inc. boosted its position in shares of 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 purchasing an additional 23,054 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter worth $649,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Rhythm Pharmaceuticals by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company's stock worth $22,730,000 after purchasing an additional 5,908 shares during the period.

Rhythm Pharmaceuticals Trading Down 1.5 %

Shares of Rhythm Pharmaceuticals stock traded down $0.81 during trading on Thursday, reaching $53.49. The stock had a trading volume of 486,608 shares, compared to its average volume of 486,276. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -12.35 and a beta of 2.30. The stock has a fifty day moving average price of $55.26 and a two-hundred day moving average price of $55.02. Rhythm Pharmaceuticals, Inc. has a 52 week low of $35.17 and a 52 week high of $68.58.

Remove Ads

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. On average, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was 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 approximately $118,445.40. This represents a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the transaction, the executive vice president now directly owns 40,370 shares of the company's stock, valued at $2,078,247.60. This trade represents a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,131 shares of company stock valued at $5,781,098 over the last 90 days. 5.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RYTM has been the subject of several analyst reports. Needham & Company LLC boosted their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Oppenheimer initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an "outperform" rating and a $76.00 price objective on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. The Goldman Sachs Group increased their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. Finally, Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a "buy" rating and a $80.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $69.46.

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.