Principal Financial Group Inc. Acquires 23,054 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Principal Financial Group Inc. grew its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 241.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,586 shares of the company’s stock after buying an additional 23,054 shares during the period. Principal Financial Group Inc. owned approximately 0.05% of Rhythm Pharmaceuticals worth $1,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RYTM. SG Americas Securities LLC grew its position in Rhythm Pharmaceuticals by 348.9% in the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock worth $1,385,000 after acquiring an additional 26,214 shares in the last quarter. Castleark Management LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter valued at approximately $2,769,000. Bayesian Capital Management LP purchased a new position in shares of Rhythm Pharmaceuticals in the 1st quarter worth approximately $665,000. Frazier Life Sciences Management L.P. increased its position in shares of Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Finally, Creative Planning purchased a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at $450,000.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RYTM shares. HC Wainwright lifted their price objective on shares of Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. Bank of America increased their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, TD Cowen boosted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 3,200 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at approximately $675,135. The trade was a 19.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at $64,472.76. The trade was a 98.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 145,681 shares of company stock valued at $8,734,825. 5.60% of the stock is currently owned by corporate insiders.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $59.94 on Friday. The company has a market capitalization of $3.68 billion, a P/E ratio of -13.69 and a beta of 2.09. The company’s 50-day simple moving average is $53.14 and its two-hundred day simple moving average is $47.05. Rhythm Pharmaceuticals, Inc. has a one year low of $31.52 and a one year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals’s revenue was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.76) earnings per share. On average, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current fiscal year.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alström syndrome.