DNB Asset Management AS Buys 5,635 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

DNB Asset Management AS raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 101.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 11,163 shares of the company’s stock after purchasing an additional 5,635 shares during the quarter. DNB Asset Management AS’s holdings in Rhythm Pharmaceuticals were worth $1,195,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Rhythm Pharmaceuticals by 24.3% during the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock valued at $664,816,000 after acquiring an additional 1,214,489 shares during the period. RA Capital Management L.P. lifted its stake in Rhythm Pharmaceuticals by 2.2% during the 3rd quarter. RA Capital Management L.P. now owns 5,681,359 shares of the company’s stock valued at $573,760,000 after acquiring an additional 120,000 shares during the period. Federated Hermes Inc. lifted its stake in Rhythm Pharmaceuticals by 2.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after acquiring an additional 41,391 shares during the period. JPMorgan Chase & Co. lifted its stake in 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 acquiring an additional 404,510 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in 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 acquiring an additional 918,212 shares during the period.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 5,614 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the sale, the chief accounting officer owned 160 shares in the company, valued at approximately $14,329.60. This trade represents a 97.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on RYTM. HC Wainwright reduced their price target on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, March 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 21st. Morgan Stanley reduced their price target on shares of Rhythm Pharmaceuticals from $150.00 to $136.00 and set an “overweight” rating for the company in a research report on Tuesday, March 17th. Guggenheim upped their price target on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Bank of America reduced their price target on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating for the company in a research report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $131.81.

Rhythm Pharmaceuticals Stock Up 3.9%

NASDAQ RYTM opened at $90.64 on Thursday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $58.71 and a 52 week high of $122.20. The firm has a market capitalization of $6.21 billion, a P/E ratio of -28.96 and a beta of 1.94. The company has a 50-day moving average price of $87.37 and a 200-day moving average price of $97.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results 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 net margin of 93.33% and a negative return on equity of 203.25%. The company had revenue of $60.11 million during the quarter, compared to analyst estimates of $55.78 million. During the same period in the prior year, the firm posted ($0.81) EPS. The firm’s quarterly revenue was up 83.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.05 EPS for the current year.

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.