Alkeon Capital Management LLC Grows Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Alkeon Capital Management LLC raised its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 24.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,017,700 shares of the company’s stock after purchasing an additional 200,000 shares during the quarter. Alkeon Capital Management LLC owned 1.53% of Rhythm Pharmaceuticals worth $64,308,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Rhythm Pharmaceuticals by 445.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock valued at $49,513,000 after purchasing an additional 639,919 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Rhythm Pharmaceuticals by 75.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock worth $63,515,000 after buying an additional 513,901 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in Rhythm Pharmaceuticals by 21.5% during the second quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company’s stock valued at $102,966,000 after acquiring an additional 288,376 shares during the period. Siren L.L.C. bought a new stake in Rhythm Pharmaceuticals during the first quarter valued at about $14,701,000. Finally, Comerica Bank lifted its position in shares of Rhythm Pharmaceuticals by 1,330.2% in the first quarter. Comerica Bank now owns 244,754 shares of the company’s stock valued at $12,965,000 after acquiring an additional 227,641 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JMP Securities increased their target price on Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the stock a “market outperform” rating in a research report on Thursday, September 25th. Citizens Jmp increased their price objective on shares of Rhythm Pharmaceuticals from $141.00 to $167.00 and gave the company a “market outperform” rating in a report on Friday. HC Wainwright lifted their price objective on shares of Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Wall Street Zen downgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, The Goldman Sachs Group raised their target price on shares of Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $124.27.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 14,437 shares of the stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $112.03, for a total value of $1,617,377.11. Following the sale, the insider owned 8,509 shares of the company’s stock, valued at approximately $953,263.27. This represents a 62.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 27,000 shares of company stock worth $3,064,490 in the last quarter. Insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $113.56 on Friday. The company has a market cap of $7.58 billion, a PE ratio of -36.63 and a beta of 1.96. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.90 and a 1 year high of $122.20. The stock’s 50 day simple moving average is $105.31 and its two-hundred day simple moving average is $92.03.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.10). The company had revenue of $51.30 million for the quarter, compared to the consensus estimate of $50.71 million. Rhythm Pharmaceuticals had a negative net margin of 110.32% and a negative return on equity of 433.21%. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Rhythm Pharmaceuticals Company 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.