Siren L.L.C. Purchases 225,536 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Siren L.L.C. boosted its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 45.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 725,511 shares of the company’s stock after purchasing an additional 225,536 shares during the period. Rhythm Pharmaceuticals comprises 1.7% of Siren L.L.C.’s portfolio, making the stock its 20th biggest holding. Siren L.L.C.’s holdings in Rhythm Pharmaceuticals were worth $63,098,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RYTM. M&T Bank Corp acquired a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $9,202,000. Jennison Associates LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 123.2% in the fourth quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after acquiring an additional 507,017 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $8,734,000. Los Angeles Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 45.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 24,334 shares of the company’s stock valued at $2,721,000 after acquiring an additional 7,613 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in shares of Rhythm Pharmaceuticals by 8.5% during the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock valued at $57,329,000 after acquiring an additional 52,383 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RYTM. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Stifel Nicolaus set a $133.00 price objective on Rhythm Pharmaceuticals in a report on Monday, June 15th. Wells Fargo & Company raised their target price on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a research note on Monday, June 15th. Royal Bank Of Canada boosted their price target on shares of Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Finally, TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $138.29.

Rhythm Pharmaceuticals Stock Down 1.3%

NASDAQ:RYTM opened at $102.66 on Friday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $74.50 and a 1-year high of $122.20. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of -32.80 and a beta of 1.88. The stock has a fifty day simple moving average of $98.68 and a 200 day simple moving average of $95.75.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The firm had revenue of $60.11 million for the quarter, compared to the consensus estimate of $55.78 million. During the same quarter in the previous year, the company earned ($0.81) EPS. The business’s revenue for the quarter was up 83.8% compared to the same quarter last year. Equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.1 earnings per share for the current year.

Insider Activity

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 shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the sale, the director owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by corporate insiders.

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.