Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Sold by State Street Corp

State Street Corp decreased its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 0.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,993,166 shares of the company's stock after selling 10,716 shares during the period. State Street Corp owned 3.24% of Rhythm Pharmaceuticals worth $104,422,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. FMR LLC lifted its position in Rhythm Pharmaceuticals by 79.7% in the third quarter. FMR LLC now owns 50,295 shares of the company's stock valued at $2,635,000 after acquiring an additional 22,306 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Rhythm Pharmaceuticals by 241.9% during the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock worth $1,707,000 after purchasing an additional 23,054 shares in the last quarter. Frazier Life Sciences Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Rhythm Pharmaceuticals by 307.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company's stock valued at $756,000 after purchasing an additional 10,882 shares during the period. Finally, Creative Planning purchased a new position in Rhythm Pharmaceuticals during the 3rd quarter worth approximately $450,000.

Rhythm Pharmaceuticals Trading Up 0.0 %

Shares of RYTM traded up $0.01 during mid-day trading on Monday, hitting $55.25. The company's stock had a trading volume of 462,527 shares, compared to its average volume of 543,817. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58. The firm has a market capitalization of $3.40 billion, a P/E ratio of -12.76 and a beta of 2.14. The firm has a 50-day simple moving average of $55.82 and a 200 day simple moving average of $49.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter last year, the company earned ($0.76) earnings per share. Rhythm Pharmaceuticals's quarterly revenue was up 47.6% compared to the same quarter last year. As a group, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Jennifer Kayden Lee sold 66,861 shares of the firm's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now owns 972 shares in the company, valued at $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joseph Shulman sold 13,281 shares of the business's stock in a transaction dated Monday, November 11th. The stock was 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. Over the last 90 days, insiders have sold 116,581 shares of company stock valued at $7,285,752. Corporate insiders own 5.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Needham & Company LLC increased their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Bank of America increased their price target 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. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a "buy" rating and a $70.00 price objective on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Finally, JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 price target on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $63.70.

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.