Bank of New York Mellon Corp Acquires 24,033 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Bank of New York Mellon Corp raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 14.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 191,871 shares of the company's stock after buying an additional 24,033 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Rhythm Pharmaceuticals worth $7,878,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company's stock valued at $27,000 after buying an additional 253 shares during the last quarter. ORG Partners LLC purchased a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000. Quarry LP bought a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter worth $69,000. ZRC Wealth Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 392.8% in the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company's stock worth $85,000 after purchasing an additional 1,571 shares during the last quarter. Finally, Old Well Partners LLC bought a new position in shares of Rhythm Pharmaceuticals during the fourth quarter valued at $211,000.

Analysts Set New Price Targets

Separately, Needham & Company LLC reiterated a "buy" rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.83.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock traded up $0.22 on Wednesday, reaching $49.31. The stock had a trading volume of 420,459 shares, compared to its average volume of 301,964. Rhythm Pharmaceuticals, Inc. has a 1 year low of $20.97 and a 1 year high of $53.92. The company has a 50 day simple moving average of $46.97 and a 200 day simple moving average of $42.73.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.71) by $0.16. The business had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business's quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.82) EPS. On average, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 5,313 shares of the firm's stock in a transaction on Friday, July 12th. The stock was sold at an average price of $50.01, for a total value of $265,703.13. Following the transaction, the insider now directly owns 30 shares of the company's stock, valued at approximately $1,500.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $50.03, for a total transaction of $205,072.97. Following the transaction, the insider now owns 13,500 shares of the company's stock, valued at $675,405. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Shulman sold 5,313 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $50.01, for a total transaction of $265,703.13. Following the completion of the sale, the insider now directly owns 30 shares of the company's stock, valued at $1,500.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,282 shares of company stock valued at $4,550,639. 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.