KLP Kapitalforvaltning AS Invests $521,000 in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

KLP Kapitalforvaltning AS acquired a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,300 shares of the company's stock, valued at approximately $521,000.

Several other hedge funds have also recently modified their holdings of RYTM. Sei Investments Co. increased its holdings in Rhythm Pharmaceuticals by 15.5% in the 4th quarter. Sei Investments Co. now owns 33,522 shares of the company's stock valued at $1,877,000 after acquiring an additional 4,501 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter valued at about $1,890,000. Teacher Retirement System of Texas increased its holdings in shares of Rhythm Pharmaceuticals by 18.5% in the fourth quarter. Teacher Retirement System of Texas now owns 13,586 shares of the company's stock worth $761,000 after purchasing an additional 2,117 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $233,000. Finally, Cibc World Markets Corp bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $287,000.

Rhythm Pharmaceuticals Stock Up 5.0 %

RYTM traded up $2.77 during trading hours on Tuesday, reaching $57.73. 2,119,147 shares of the company's stock traded hands, compared to its average volume of 532,665. The firm has a 50-day moving average price of $54.57 and a 200 day moving average price of $55.15. The firm has a market capitalization of $3.65 billion, a PE ratio of -13.33 and a beta of 2.32. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58.

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Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued 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). The company had revenue of $41.83 million for the quarter, compared to analysts' expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RYTM has been the topic of a number of research reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an "outperform" rating and a $76.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a "buy" rating and a $80.00 target price on the stock. Finally, Canaccord Genuity Group upped their target price on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $74.92.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares of the company's stock, valued at approximately $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 1,281 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,131 shares of company stock valued at $5,781,098 in the last three months. Company insiders own 5.60% of the company's stock.

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.