Connor Clark & Lunn Investment Management Ltd. acquired a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 135,867 shares of the company’s stock, valued at approximately $15,085,000.
Several other hedge funds have also recently made changes to their positions in RYTM. Blue Owl Capital Holdings LP purchased a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at approximately $6,823,000. E Fund Management Co. Ltd. purchased a new stake in Rhythm Pharmaceuticals in the second quarter worth $528,000. BlackRock Inc. purchased a new stake in Rhythm Pharmaceuticals in the second quarter worth $683,601,000. Deutsche Bank AG bought a new stake in Rhythm Pharmaceuticals in the second quarter valued at $12,794,000. Finally, Global Retirement Partners LLC purchased a new position in Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on RYTM shares. Citizens Jmp upped their price target on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group set a $154.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. increased their price target on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.44.
Rhythm Pharmaceuticals Stock Performance
Shares of RYTM stock opened at $113.35 on Wednesday. Rhythm Pharmaceuticals, Inc. has a one year low of $74.50 and a one year high of $122.20. The company’s 50-day moving average is $108.94 and its 200 day moving average is $96.76. The company has a market capitalization of $7.77 billion, a price-to-earnings ratio of -36.45 and a beta of 1.92.
Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.08. The business had revenue of $71.25 million during the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.75) earnings per share. As a group, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current fiscal year.
Insider Activity at Rhythm Pharmaceuticals
In related news, Director Lynn A. Tetrault sold 37,000 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director directly owned 7,000 shares of the company’s stock, valued at approximately $702,240. This represents a 84.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Yann Mazabraud sold 57,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $116.15, for a total value of $6,620,550.00. Following the sale, the executive vice president owned 55,655 shares in the company, valued at approximately $6,464,328.25. This represents a 50.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 182,676 shares of company stock valued at $20,754,691 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.
Rhythm Pharmaceuticals Profile
Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.
The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.
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