Rock Springs Capital Management LP Sells 65,375 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Rock Springs Capital Management LP lessened its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 5.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,162,718 shares of the company's stock after selling 65,375 shares during the quarter. Rhythm Pharmaceuticals accounts for about 2.5% of Rock Springs Capital Management LP's holdings, making the stock its 10th biggest position. Rock Springs Capital Management LP owned approximately 1.89% of Rhythm Pharmaceuticals worth $65,089,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. Marshall Wace LLP grew its holdings in Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock worth $38,783,000 after acquiring an additional 286,188 shares during the period. Norges Bank acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $11,512,000. JPMorgan Chase & Co. increased its holdings in shares of Rhythm Pharmaceuticals by 224.3% in the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company's stock valued at $14,811,000 after purchasing an additional 182,993 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $8,080,000. Finally, Cinctive Capital Management LP purchased a new stake in Rhythm Pharmaceuticals during the fourth quarter worth about $4,633,000.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM traded up $3.13 during trading hours on Thursday, hitting $62.97. 1,412,091 shares of the company's stock were exchanged, compared to its average volume of 550,660. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58. The business's 50 day moving average is $54.94 and its 200-day moving average is $55.86. The firm has a market capitalization of $3.98 billion, a P/E ratio of -14.54 and a beta of 2.32.

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

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 1,281 shares of the firm's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Yann Mazabraud sold 17,750 shares of the business's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $60.99, for a total transaction of $1,082,572.50. Following the sale, the executive vice president now owns 22,620 shares of the company's stock, valued at approximately $1,379,593.80. This represents a 43.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,641 shares of company stock worth $8,112,177 in the last three months. 5.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Bank of America raised Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target for the company in a research note on Monday, April 7th. Needham & Company LLC reissued a "buy" rating and issued a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Stifel Nicolaus began coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a "buy" rating and a $78.00 target price for the company. Finally, Jefferies Financial Group started coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a "buy" rating and a $80.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of "Buy" and an average price target of $74.92.

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.