Norges Bank Acquires New Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Norges Bank purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 205,649 shares of the company's stock, valued at approximately $11,512,000. Norges Bank owned 0.33% of Rhythm Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in Rhythm Pharmaceuticals by 224.3% in the fourth quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company's stock valued at $14,811,000 after buying an additional 182,993 shares during the period. Barclays PLC increased its stake in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company's stock valued at $5,574,000 after acquiring an additional 47,166 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its position in shares of Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock valued at $126,624,000 after acquiring an additional 45,648 shares during the period. State of New Jersey Common Pension Fund D bought a new position in Rhythm Pharmaceuticals during the fourth quarter worth $1,960,000. Finally, American Century Companies Inc. acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter worth $1,890,000.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock traded up $1.72 on Friday, hitting $59.55. The stock had a trading volume of 681,857 shares, compared to its average volume of 543,240. The business has a 50 day moving average of $54.57 and a 200 day moving average of $55.34. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -13.75 and a beta of 2.32.

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Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $41.83 million during the quarter, compared to analysts' expectations of $38.48 million. As a group, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 17,750 shares of the stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $60.99, for a total transaction of $1,082,572.50. Following the completion of the transaction, the executive vice president now directly owns 22,620 shares of the company's stock, valued at $1,379,593.80. This represents a 43.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher Paul German sold 635 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares of the company's stock, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,641 shares of company stock valued at $8,112,177. 5.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RYTM. JMP Securities reissued a "market outperform" rating and set a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an "outperform" rating and a $76.00 price target on the stock. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective for the company in a report on Monday, April 7th. Wells Fargo & Company increased their target price on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a report on Monday, April 7th. Finally, Needham & Company LLC restated a "buy" rating and set a $66.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $74.92.

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.