Algert Global LLC Lowers Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Algert Global LLC trimmed its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 23.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 41,551 shares of the company’s stock after selling 12,620 shares during the period. Algert Global LLC’s holdings in Rhythm Pharmaceuticals were worth $2,326,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Marshall Wace LLP grew its position in shares of Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after purchasing an additional 286,188 shares in the last quarter. Norges Bank bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $11,512,000. JPMorgan Chase & Co. grew its holdings in Rhythm Pharmaceuticals by 224.3% during the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock valued at $14,811,000 after buying an additional 182,993 shares in the last quarter. Walleye Capital LLC purchased a new position in Rhythm Pharmaceuticals during the 4th quarter valued at approximately $8,080,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Rhythm Pharmaceuticals by 24.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 685,152 shares of the company’s stock worth $38,355,000 after acquiring an additional 134,622 shares during the last quarter.

Rhythm Pharmaceuticals Stock Down 6.0 %

RYTM stock opened at $60.72 on Friday. Rhythm Pharmaceuticals, Inc. has a twelve month low of $35.17 and a twelve month high of $68.58. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of -14.02 and a beta of 2.36. The business’s fifty day simple moving average is $56.70 and its two-hundred day simple moving average is $56.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The company had revenue of $37.72 million during the quarter, compared to analysts’ expectations of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company’s quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the business earned ($2.35) EPS. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Wall Street Analyst Weigh In

RYTM has been the subject of a number of recent research reports. Needham & Company LLC raised their target price on shares of Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley reissued an “overweight” rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Wells Fargo & Company lifted their price target on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Finally, Bank of America upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $75.38.

Insider Activity

In other news, CAO Christopher Paul German sold 635 shares of the firm’s 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 transaction, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares of the company’s stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,733 shares of company stock valued at $8,492,699. Corporate insiders own 5.60% of the company’s stock.

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.