Franklin Resources Inc. Raises Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Franklin Resources Inc. raised its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 3.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 268,205 shares of the company's stock after purchasing an additional 8,789 shares during the quarter. Franklin Resources Inc. owned approximately 0.44% of Rhythm Pharmaceuticals worth $15,014,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. lifted its stake in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock valued at $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. acquired a new position in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $37,000. R Squared Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $44,000. Finally, KBC Group NV grew its position in shares of Rhythm Pharmaceuticals by 78.2% during the 4th quarter. KBC Group NV now owns 2,251 shares of the company's stock worth $126,000 after buying an additional 988 shares during the period.

Wall Street Analysts Forecast Growth

RYTM has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a "buy" rating and a $80.00 target price on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Stifel Nicolaus started coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a "buy" rating and a $78.00 price target on the stock. Canaccord Genuity Group boosted their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Rhythm Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $74.92.

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Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded up $1.72 on Friday, hitting $59.55. The stock had a trading volume of 681,857 shares, compared to its average volume of 543,240. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The firm's fifty day simple moving average is $54.57 and its two-hundred day simple moving average is $55.34. The stock has a market cap of $3.76 billion, a P/E ratio of -13.75 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) 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 business had revenue of $41.83 million for the quarter, compared to analysts' expectations of $38.48 million. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 20,760 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total value of $1,248,506.40. Following the completion of the sale, the insider now owns 19,209 shares of the company's stock, valued at approximately $1,155,229.26. This trade represents a 51.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Yann Mazabraud sold 17,750 shares of the company's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.99, for a total transaction of $1,082,572.50. Following the sale, the executive vice president now directly owns 22,620 shares in the company, valued at approximately $1,379,593.80. This trade represents a 43.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,641 shares of company stock worth $8,112,177 in the last ninety days. Company insiders own 5.60% of the company's stock.

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.