Driehaus Capital Management LLC Purchases 326,865 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Driehaus Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 38.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,182,370 shares of the company's stock after purchasing an additional 326,865 shares during the quarter. Driehaus Capital Management LLC owned about 1.93% of Rhythm Pharmaceuticals worth $48,548,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RYTM. The Manufacturers Life Insurance Company lifted its holdings in shares of Rhythm Pharmaceuticals by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company's stock worth $2,024,000 after acquiring an additional 1,667 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 46.2% in the second quarter. AQR Capital Management LLC now owns 103,830 shares of the company's stock valued at $4,263,000 after buying an additional 32,831 shares during the period. Marshall Wace LLP increased its stake in shares of Rhythm Pharmaceuticals by 440.8% in the second quarter. Marshall Wace LLP now owns 106,809 shares of the company's stock valued at $4,386,000 after buying an additional 87,059 shares during the period. Rice Hall James & Associates LLC increased its stake in shares of Rhythm Pharmaceuticals by 3.7% in the second quarter. Rice Hall James & Associates LLC now owns 93,081 shares of the company's stock valued at $3,822,000 after buying an additional 3,355 shares during the period. Finally, Quest Partners LLC increased its stake in shares of Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company's stock valued at $68,000 after buying an additional 1,391 shares during the period.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM traded up $0.22 during mid-day trading on Friday, reaching $51.35. 167,923 shares of the company's stock were exchanged, compared to its average volume of 484,987. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of -11.09 and a beta of 2.07. Rhythm Pharmaceuticals, Inc. has a 52 week low of $20.97 and a 52 week high of $55.64. The firm has a 50-day moving average price of $48.14 and a two-hundred day moving average price of $43.50.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts' consensus estimates of ($0.71) by $0.16. The company had revenue of $29.08 million for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.82) EPS. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RYTM shares. Needham & Company LLC reissued a "buy" rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 target price for the company. Finally, HC Wainwright started coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, September 18th. They set a "buy" rating and a $64.00 target price for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.88.

Insider Transactions at Rhythm Pharmaceuticals

In related news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the sale, the director now owns 3,000 shares of the company's stock, valued at approximately $157,200. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the sale, the director now owns 3,000 shares of the company's stock, valued at approximately $157,200. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lynn A. Tetrault sold 17,501 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the completion of the sale, the director now directly owns 3,000 shares of the company's stock, valued at approximately $148,950. The disclosure for this sale can be found here. Insiders have sold 127,033 shares of company stock worth $6,214,392 in the last ninety days. 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.