Rhythm Pharmaceuticals, Inc. $RYTM Shares Sold by Comerica Bank

Comerica Bank cut its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 98.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,014 shares of the company’s stock after selling 205,311 shares during the period. Comerica Bank’s holdings in Rhythm Pharmaceuticals were worth $430,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Rhythm Pharmaceuticals by 24.3% during the fourth quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock worth $664,816,000 after purchasing an additional 1,214,489 shares during the last quarter. RA Capital Management L.P. raised its stake in Rhythm Pharmaceuticals by 2.2% during the third quarter. RA Capital Management L.P. now owns 5,681,359 shares of the company’s stock worth $573,760,000 after purchasing an additional 120,000 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 2.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after purchasing an additional 41,391 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Rhythm Pharmaceuticals by 51.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock valued at $119,983,000 after buying an additional 404,510 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Rhythm Pharmaceuticals by 1,493.8% during the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock valued at $98,938,000 after buying an additional 918,212 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RYTM shares. Canaccord Genuity Group increased their target price on Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Jefferies Financial Group reissued a “buy” rating and set a $125.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, March 3rd. Telsey Advisory Group set a $143.00 price target on Rhythm Pharmaceuticals in a research note on Thursday, March 12th. HC Wainwright cut their price objective on Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Finally, Wall Street Zen raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $131.81.

Rhythm Pharmaceuticals Trading Up 4.5%

NASDAQ:RYTM opened at $91.31 on Wednesday. The firm’s fifty day simple moving average is $87.59 and its 200 day simple moving average is $98.84. Rhythm Pharmaceuticals, Inc. has a twelve month low of $55.31 and a twelve month high of $122.20. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of -29.17 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $55.78 million. During the same period in the prior year, the firm earned ($0.81) EPS. The firm’s quarterly revenue was up 83.8% compared to the same quarter last year. On average, analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.04 earnings per share for the current year.

Insider Activity

In related news, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $101.26, for a total transaction of $444,025.10. Following the transaction, the chief financial officer directly owned 110,512 shares of the company’s stock, valued at approximately $11,190,445.12. The trade was a 3.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Christopher Paul German sold 5,614 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $89.56, for a total value of $502,789.84. Following the completion of the transaction, the chief accounting officer owned 160 shares of the company’s stock, valued at approximately $14,329.60. This represents a 97.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 15,160 shares of company stock valued at $1,465,022 in the last ninety days. Company insiders own 5.90% of the company’s stock.

About Rhythm Pharmaceuticals

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.