SummitTX Capital L.P. Has $14.40 Million Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

by · The Markets Daily

SummitTX Capital L.P. raised its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Free Report) by 105.1% in the 1st quarter, HoldingsChannel reports. The fund owned 165,599 shares of the company’s stock after purchasing an additional 84,870 shares during the period. SummitTX Capital L.P.’s holdings in Rhythm Pharmaceuticals were worth $14,402,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Lazard Asset Management LLC raised its stake in Rhythm Pharmaceuticals by 28.6% during the first quarter. Lazard Asset Management LLC now owns 32,888 shares of the company’s stock worth $2,860,000 after acquiring an additional 7,317 shares in the last quarter. Orbimed Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 31.0% in the 1st quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock valued at $27,317,000 after purchasing an additional 74,300 shares in the last quarter. Granahan Investment Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 45.4% in the 1st quarter. Granahan Investment Management LLC now owns 77,709 shares of the company’s stock worth $6,758,000 after purchasing an additional 24,257 shares during the last quarter. Entropy Technologies LP grew its holdings in shares of Rhythm Pharmaceuticals by 314.0% in the 1st quarter. Entropy Technologies LP now owns 10,318 shares of the company’s stock worth $897,000 after purchasing an additional 7,826 shares during the last quarter. Finally, Siren L.L.C. increased its position in shares of Rhythm Pharmaceuticals by 45.1% during the 1st quarter. Siren L.L.C. now owns 725,511 shares of the company’s stock worth $63,098,000 after purchasing an additional 225,536 shares in the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the completion of the sale, the director directly owned 7,000 shares of the company’s stock, valued at approximately $702,240. The trade was a 84.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $102.10 on Monday. The stock has a market capitalization of $7.00 billion, a PE ratio of -32.62 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 1-year low of $74.50 and a 1-year high of $122.20. The firm has a 50-day moving average price of $98.91 and a two-hundred day moving average price of $95.76.

Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $55.78 million. During the same period in the prior year, the business earned ($0.81) earnings per share. Rhythm Pharmaceuticals’s quarterly revenue was up 83.8% on a year-over-year basis. On average, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a report on Monday, June 15th. Canaccord Genuity Group increased their price target on Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Finally, Wells Fargo & Company raised their price target on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, June 15th. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $138.29.

View Our Latest Research Report on Rhythm Pharmaceuticals

Rhythm Pharmaceuticals Company 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.

See Also

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