Northern Trust Corp Sells 9,108 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Northern Trust Corp lowered its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 536,206 shares of the company’s stock after selling 9,108 shares during the period. Northern Trust Corp owned about 0.84% of Rhythm Pharmaceuticals worth $28,403,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State of Wyoming bought a new position in Rhythm Pharmaceuticals in the fourth quarter valued at $61,000. GF Fund Management CO. LTD. bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $72,000. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 92.3% in the 1st quarter. CWM LLC now owns 2,584 shares of the company’s stock valued at $137,000 after acquiring an additional 1,240 shares during the period. Bayforest Capital Ltd bought a new position in shares of Rhythm Pharmaceuticals in the 1st quarter valued at about $166,000. Finally, Raymond James Financial Inc. bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $218,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley reissued an “overweight” rating and issued a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Bank of America lifted their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, July 10th. Guggenheim lifted their target price on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. HC Wainwright lifted their target price on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus lifted their target price on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $101.57.

Rhythm Pharmaceuticals Trading Down 1.0%

Shares of NASDAQ:RYTM opened at $103.15 on Friday. The firm has a 50 day moving average of $85.96 and a 200-day moving average of $67.98. The stock has a market capitalization of $6.85 billion, a PE ratio of -34.27 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.00 and a 12 month high of $104.93.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.09). The firm had revenue of $48.50 million during the quarter, compared to analyst estimates of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. Rhythm Pharmaceuticals’s quarterly revenue was up 66.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.55) earnings per share. On average, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Activity

In related news, CAO Christopher Paul German sold 3,817 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the sale, the chief accounting officer directly owned 922 shares of the company’s stock, valued at approximately $74,451.50. The trade was a 80.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total transaction of $619,828.82. Following the sale, the insider directly owned 8,509 shares in the company, valued at $661,830.02. This trade represents a 48.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,177 shares of company stock valued at $9,977,553 over the last quarter. 6.10% of the stock is owned by corporate insiders.

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.