Fmr LLC Raises Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

FMR LLC boosted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 79.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 50,295 shares of the company's stock after purchasing an additional 22,306 shares during the quarter. FMR LLC owned about 0.08% of Rhythm Pharmaceuticals worth $2,635,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. CWM LLC increased its stake in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company's stock worth $27,000 after purchasing an additional 253 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in Rhythm Pharmaceuticals by 10.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 96,378 shares of the company's stock valued at $3,957,000 after acquiring an additional 9,411 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Rhythm Pharmaceuticals by 157.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company's stock valued at $15,371,000 after buying an additional 229,056 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Rhythm Pharmaceuticals by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 191,871 shares of the company's stock worth $7,878,000 after purchasing an additional 24,033 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 32.8% during the second quarter. Principal Financial Group Inc. now owns 9,532 shares of the company's stock worth $391,000 after purchasing an additional 2,352 shares during the last quarter.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of the firm's stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the transaction, the director now owns 3,000 shares of the company's stock, valued at approximately $157,200. This trade represents a 91.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the sale, the executive vice president now directly owns 972 shares in the company, valued at approximately $64,472.76. The trade was a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 116,581 shares of company stock valued at $7,285,752 over the last quarter. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RYTM has been the subject of several recent research reports. Bank of America lifted their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. TD Cowen upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Guggenheim began coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a "buy" rating and a $70.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, December 4th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $63.70.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock traded down $0.44 during trading hours on Friday, hitting $55.24. The company's stock had a trading volume of 519,567 shares, compared to its average volume of 485,315. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of -12.76 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a twelve month low of $35.17 and a twelve month high of $68.58. The firm has a fifty day moving average of $55.66 and a 200-day moving average of $49.51.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million for the quarter, compared to analysts' expectations of $32.52 million. During the same quarter in the prior year, the company posted ($0.76) earnings per share. Rhythm Pharmaceuticals's revenue for the quarter was up 47.6% compared to the same quarter last year. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.34 earnings per share for the current fiscal year.

Rhythm Pharmaceuticals Profile

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.