Principal Financial Group Inc. Buys 23,054 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

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

A number of other large investors have also recently modified their holdings of RYTM. Castleark Management LLC lifted its holdings in Rhythm Pharmaceuticals by 1.3% in the third quarter. Castleark Management LLC now owns 19,260 shares of the company's stock worth $1,009,000 after buying an additional 250 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company's stock worth $114,000 after acquiring an additional 391 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at approximately $63,000. Quest Partners LLC boosted its position in shares of Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company's stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in 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 purchasing an additional 1,667 shares during the period.

Rhythm Pharmaceuticals Stock Down 0.7 %

Shares of NASDAQ RYTM traded down $0.45 during trading on Friday, reaching $59.62. 386,920 shares of the company traded hands, compared to its average volume of 625,860. The firm has a 50 day simple moving average of $57.72 and a 200-day simple moving average of $51.15. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58. The stock has a market capitalization of $3.66 billion, a PE ratio of -13.77 and a beta of 2.16.

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 analysts' consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm's revenue was up 47.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.76) EPS. As a group, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS for the current year.

Insider Buying and Selling

In other news, insider Pamela J. Cramer sold 4,688 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares of the company's stock, valued at $877,500. The trade was a 25.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,830 shares of company stock valued at $5,622,000 over the last 90 days. Company insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on RYTM. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research report on Thursday. They set a "buy" rating and a $80.00 price objective for the company. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a "buy" rating and a $70.00 price objective on the stock. Needham & Company LLC raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an "outperform" rating and a $76.00 target price for the company. Finally, Canaccord Genuity Group restated a "buy" rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.09.

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.