Loomis Sayles & Co. L P Invests $33.35 Million in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Loomis Sayles & Co. L P purchased a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 636,628 shares of the company's stock, valued at approximately $33,353,000. Loomis Sayles & Co. L P owned about 1.04% of Rhythm Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC lifted its position in Rhythm Pharmaceuticals by 5.4% in the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company's stock valued at $141,517,000 after acquiring an additional 178,000 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company's stock valued at $143,169,000 after purchasing an additional 77,208 shares during the last quarter. Frazier Life Sciences Management L.P. grew its stake in Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock worth $97,366,000 after buying an additional 181,125 shares during the last quarter. Driehaus Capital Management LLC increased its position in Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock worth $48,548,000 after buying an additional 326,865 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Rhythm Pharmaceuticals by 32.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock valued at $39,715,000 after buying an additional 236,600 shares during the last quarter.

Rhythm Pharmaceuticals Stock Up 3.4 %

NASDAQ RYTM traded up $2.03 during mid-day trading on Tuesday, hitting $61.95. The stock had a trading volume of 868,862 shares, compared to its average volume of 548,782. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -13.84 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 52-week low of $31.52 and a 52-week high of $68.58. The company has a 50 day simple moving average of $53.56 and a 200 day simple moving average of $47.43.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $32.52 million. During the same quarter in the prior year, the firm earned ($0.76) earnings per share. The company's revenue for the quarter was up 47.6% compared to the same quarter last year. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related 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 transaction of $1,663,752.40. Following the sale, the director now owns 3,000 shares in the company, valued at approximately $157,200. This trade represents a 91.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals 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 completion of the sale, the executive vice president now directly owns 972 shares of the company's stock, valued at $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 sold a total of 138,181 shares of company stock valued at $8,359,750 over the last three months. 5.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on RYTM. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 price target for the company. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a "neutral" rating in a report on Monday, October 14th. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a "buy" rating and a $70.00 target price for the company. Canaccord Genuity Group restated a "buy" rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Needham & Company LLC boosted their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.30.

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.