Raymond James Financial Inc. Purchases New Shares in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Raymond James Financial Inc. acquired a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,892 shares of the company’s stock, valued at approximately $218,000.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position in shares of Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company’s stock valued at $2,635,000 after purchasing an additional 22,306 shares in the last quarter. Barclays PLC lifted its position in shares of Rhythm Pharmaceuticals by 79.6% during the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock worth $5,574,000 after buying an additional 47,166 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after buying an additional 3,499 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 11.5% in the 3rd quarter. Franklin Resources Inc. now owns 259,416 shares of the company’s stock worth $13,033,000 after buying an additional 26,739 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after acquiring an additional 23,054 shares in the last quarter.

Rhythm Pharmaceuticals Trading Up 3.0 %

RYTM opened at $59.55 on Friday. The company has a 50 day moving average of $54.58 and a 200 day moving average of $55.29. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58. The company has a market cap of $3.76 billion, a PE ratio of -13.75 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $41.83 million during the quarter, compared to the consensus estimate of $38.48 million. Research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Jennifer Kayden Lee sold 1,815 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $56.39, for a total transaction of $102,347.85. Following the sale, the executive vice president now owns 3,598 shares of the company’s stock, valued at approximately $202,891.22. This represents a 33.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at approximately $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,641 shares of company stock worth $8,112,177 in the last quarter. 5.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RYTM has been the topic of several research analyst reports. Canaccord Genuity Group boosted their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday. HC Wainwright reiterated a “buy” rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Finally, Wells Fargo & Company increased their target price on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Buy” and an average target price of $74.92.

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.