State of New Jersey Common Pension Fund D Makes New Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

State of New Jersey Common Pension Fund D bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 35,004 shares of the company's stock, valued at approximately $1,960,000. State of New Jersey Common Pension Fund D owned approximately 0.06% of Rhythm Pharmaceuticals as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in RYTM. Frazier Life Sciences Management L.P. grew its position in Rhythm Pharmaceuticals by 1.9% during the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock worth $126,624,000 after buying an additional 45,648 shares during the period. Geode Capital Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company's stock worth $65,824,000 after acquiring an additional 3,499 shares during the period. Alkeon Capital Management LLC increased its stake in Rhythm Pharmaceuticals by 16.8% in the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company's stock valued at $61,176,000 after purchasing an additional 167,700 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Rhythm Pharmaceuticals by 14.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company's stock worth $58,208,000 after purchasing an additional 143,800 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in Rhythm Pharmaceuticals in the third quarter valued at $33,353,000.

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Rhythm Pharmaceuticals Stock Up 3.6 %

Shares of RYTM stock traded up $1.91 during trading hours on Friday, hitting $54.91. 641,500 shares of the company were exchanged, compared to its average volume of 490,074. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The firm has a fifty day moving average of $56.93 and a 200 day moving average of $54.20. The firm has a market cap of $3.37 billion, a PE ratio of -12.68 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Activity

In other news, EVP Jennifer Kayden Lee sold 1,815 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $56.39, for a total transaction of $102,347.85. Following the completion of the transaction, the executive vice president now directly owns 3,598 shares in the company, valued at approximately $202,891.22. This represents a 33.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the completion of the sale, the chief accounting officer now owns 2,070 shares of the company's stock, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,787 shares of company stock worth $1,901,443. 5.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. JMP Securities reissued a "market outperform" rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an "outperform" rating and a $76.00 price target on the stock. TD Cowen upped their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Finally, HC Wainwright restated a "buy" rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $68.18.

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.