Franklin Resources Inc. Purchases 26,739 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Franklin Resources Inc. raised its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 11.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 259,416 shares of the company's stock after buying an additional 26,739 shares during the period. Franklin Resources Inc. owned approximately 0.42% of Rhythm Pharmaceuticals worth $13,033,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. CWM LLC raised its stake in shares of Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company's stock worth $27,000 after purchasing an additional 253 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 acquiring an additional 24,033 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 32.8% during the 2nd 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. Rhumbline Advisers raised its holdings in shares of Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 83,063 shares of the company's stock valued at $3,411,000 after purchasing an additional 6,339 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of Rhythm Pharmaceuticals by 12.3% in the 2nd quarter. TD Asset Management Inc now owns 31,000 shares of the company's stock valued at $1,273,000 after purchasing an additional 3,400 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RYTM. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Needham & Company LLC boosted their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Bank of America raised their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a "buy" rating and a $70.00 price objective on the stock. Finally, JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.80.

Rhythm Pharmaceuticals Stock Up 1.2 %

Shares of NASDAQ RYTM opened at $56.12 on Friday. The company has a market cap of $3.45 billion, a price-to-earnings ratio of -12.96 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58. The firm's 50-day simple moving average is $56.39 and its 200 day simple moving average is $49.98.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping 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 business had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same period in the previous year, the company earned ($0.76) earnings per share. The firm's revenue for the quarter was up 47.6% on a year-over-year basis. On average, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.34 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 66,861 shares of the company's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares of the company's stock, valued at $64,472.76. This represents a 98.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 4,688 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares of the company's stock, valued at $877,500. This trade represents a 25.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 84,830 shares of company stock worth $5,622,000. 5.60% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Company 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.