Penserra Capital Management LLC Makes New $1.31 Million Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Penserra Capital Management LLC acquired a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 25,063 shares of the company's stock, valued at approximately $1,313,000.

Several other hedge funds have also recently bought and sold shares of RYTM. Driehaus Capital Management LLC lifted 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 acquiring an additional 326,865 shares during the last quarter. Candriam S.C.A. acquired a new stake in shares of Rhythm Pharmaceuticals in the second quarter valued at approximately $11,143,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of 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 in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Rhythm Pharmaceuticals by 157.7% in the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company's stock valued at $15,371,000 after buying an additional 229,056 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. raised its position in shares of Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock valued at $97,366,000 after buying an additional 181,125 shares in the last quarter.

Wall Street Analyst Weigh In

RYTM has been the topic of a number of recent analyst reports. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 price objective on the stock. Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. HC Wainwright reissued a "buy" rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday. Bank of America boosted their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Finally, TD Cowen boosted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.30.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $61.95 on Wednesday. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $31.52 and a fifty-two week high of $68.58. The company's 50-day moving average is $53.56 and its 200 day moving average is $47.43.

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

Insider Activity

In other news, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the transaction, the executive vice president now directly owns 972 shares of the company's stock, valued at $64,472.76. This represents a 98.57 % 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, insider Joseph Shulman sold 13,281 shares of the company's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The disclosure for this sale can be found here. Insiders sold 138,181 shares of company stock valued at $8,359,750 in the last three months. Company insiders own 5.60% of the company's stock.

About Rhythm Pharmaceuticals

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.