Rhythm Pharmaceuticals, Inc. $RYTM Position Reduced by Wedge Capital Management L L P NC

by · The Markets Daily

Wedge Capital Management L L P NC trimmed its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Free Report) by 25.8% in the third quarter, HoldingsChannel.com reports. The firm owned 22,244 shares of the company’s stock after selling 7,747 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Rhythm Pharmaceuticals were worth $2,246,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter worth $34,000. Price T Rowe Associates Inc. MD grew its holdings in Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock worth $63,515,000 after acquiring an additional 513,901 shares during the period. AlphaQuest LLC raised its position in Rhythm Pharmaceuticals by 660,600.0% in the first quarter. AlphaQuest LLC now owns 6,607 shares of the company’s stock worth $350,000 after acquiring an additional 6,606 shares in the last quarter. Jump Financial LLC acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at about $2,212,000. Finally, Comerica Bank lifted its holdings in Rhythm Pharmaceuticals by 1,330.2% in the 1st quarter. Comerica Bank now owns 244,754 shares of the company’s stock valued at $12,965,000 after acquiring an additional 227,641 shares during the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,350 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $111.00, for a total transaction of $371,850.00. Following the completion of the sale, the insider directly owned 20,814 shares in the company, valued at approximately $2,310,354. This trade represents a 13.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Joseph Shulman sold 14,437 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $112.03, for a total value of $1,617,377.11. Following the transaction, the insider directly owned 8,509 shares in the company, valued at approximately $953,263.27. This trade represents a 62.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,350 shares of company stock worth $3,436,340 in the last quarter. 6.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RYTM. HC Wainwright lifted their price objective on shares of Rhythm Pharmaceuticals from $110.00 to $123.00 and gave the stock a “buy” rating in a research note on Monday. Wall Street Zen lowered shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. UBS Group reaffirmed a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, December 17th. Guggenheim raised their price objective on Rhythm Pharmaceuticals from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.47.

View Our Latest Analysis on RYTM

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $112.35 on Wednesday. The company has a market cap of $7.50 billion, a PE ratio of -36.24 and a beta of 1.96. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $122.20. The firm has a 50 day simple moving average of $106.93 and a 200 day simple moving average of $94.84.

Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Free Report) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative return on equity of 433.21% and a negative net margin of 110.32%.The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.71 million. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Rhythm Pharmaceuticals Profile

(Free Report)

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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