Wells Fargo & Company MN Boosts Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Wells Fargo & Company MN raised its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 26.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,324 shares of the company’s stock after acquiring an additional 7,850 shares during the quarter. Wells Fargo & Company MN owned approximately 0.06% of Rhythm Pharmaceuticals worth $2,089,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RYTM. SRS Capital Advisors Inc. raised its stake in Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after purchasing an additional 400 shares during the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $37,000. R Squared Ltd acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $44,000. Finally, KBC Group NV lifted its stake in shares of Rhythm Pharmaceuticals by 78.2% during the fourth quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after buying an additional 988 shares during the period.

Insider Buying and Selling

In related news, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the transaction, the executive vice president now owns 40,370 shares in the company, valued at approximately $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pamela J. Cramer sold 20,760 shares of the stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.14, for a total value of $1,248,506.40. Following the completion of the transaction, the insider now directly owns 19,209 shares of the company’s stock, valued at $1,155,229.26. This represents a 51.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,641 shares of company stock valued at $8,112,177. Corporate insiders own 5.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RYTM shares. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price target for the company. Canaccord Genuity Group increased their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, April 8th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, Bank of America raised shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $74.92.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $63.76 on Friday. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -14.73 and a beta of 2.32. Rhythm Pharmaceuticals, Inc. has a one year low of $35.17 and a one year high of $68.58. The company’s 50 day moving average price is $55.07 and its 200 day moving average price is $55.97.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $38.48 million. Sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Rhythm Pharmaceuticals Profile

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.