Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 241.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,586 shares of the company's stock after acquiring an additional 23,054 shares during the quarter. Principal Financial Group Inc. owned 0.05% of Rhythm Pharmaceuticals worth $1,707,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RYTM. Driehaus Capital Management LLC increased its stake in 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 buying an additional 326,865 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Rhythm Pharmaceuticals by 116.1% in the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company's stock valued at $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Candriam S.C.A. acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at approximately $11,143,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Rhythm Pharmaceuticals by 32.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock worth $39,715,000 after purchasing an additional 236,600 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Rhythm Pharmaceuticals by 157.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company's stock valued at $15,371,000 after purchasing an additional 229,056 shares in the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 17,501 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the sale, the director now owns 3,000 shares of the company's stock, valued at $148,950. The trade was a 85.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Shulman sold 13,281 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Insiders have sold a total of 145,681 shares of company stock worth $8,734,825 in the last three months. 5.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of recent analyst reports. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 price target for the company. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a "buy" rating and a $70.00 price objective for the company. Canaccord Genuity Group restated a "buy" rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Bank of America lifted their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Finally, HC Wainwright upped their price objective on Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $62.30.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM traded up $0.91 during midday trading on Friday, hitting $59.94. 302,442 shares of the stock traded hands, compared to its average volume of 708,100. The business's 50 day moving average price is $53.35 and its two-hundred day moving average price is $47.16. The firm has a market capitalization of $3.68 billion, a PE ratio of -13.84 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 1-year low of $31.52 and a 1-year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. The firm had revenue of $33.20 million during the quarter, compared to analysts' expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals's quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.76) EPS. As a group, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current fiscal year.

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.