Assenagon Asset Management S.A. Decreases Stock Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Assenagon Asset Management S.A. decreased its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 91.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,052 shares of the company's stock after selling 209,439 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Rhythm Pharmaceuticals were worth $1,051,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company's stock worth $31,659,000 after purchasing an additional 578,800 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock worth $48,548,000 after purchasing an additional 326,865 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company's stock worth $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Candriam S.C.A. purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth $11,143,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Rhythm Pharmaceuticals by 157.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company's stock worth $15,371,000 after purchasing an additional 229,056 shares during the last quarter.

Rhythm Pharmaceuticals Trading Up 2.7 %

Shares of RYTM stock traded up $1.28 during mid-day trading on Friday, reaching $49.01. The stock had a trading volume of 293,919 shares, compared to its average volume of 309,480. The business's fifty day moving average is $49.69 and its 200-day moving average is $45.11. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of -11.24 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 1-year low of $23.26 and a 1-year high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.16. The firm had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. Rhythm Pharmaceuticals's revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period last year, the company earned ($0.82) earnings per share. On average, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.45 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jennifer L. Good sold 31,751 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company's stock, valued at $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now directly owns 13,500 shares of the company's stock, valued at approximately $609,525. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $1,663,752.40. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,857 shares of company stock valued at $5,325,446 over the last ninety days. Company insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RYTM. Needham & Company LLC restated a "buy" rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday. JMP Securities started coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Bank of America increased their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Finally, Guggenheim started coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a "buy" rating and a $70.00 price target for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.33.

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.