Algert Global LLC Increases Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Algert Global LLC grew its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 133.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,284 shares of the company’s stock after purchasing an additional 80,065 shares during the period. Algert Global LLC owned about 0.21% of Rhythm Pharmaceuticals worth $14,167,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Rhythm Pharmaceuticals by 39.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock valued at $504,589,000 after purchasing an additional 1,407,313 shares during the period. Federated Hermes Inc. grew its position in Rhythm Pharmaceuticals by 2.5% during the third quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after buying an additional 41,391 shares during the period. Westfield Capital Management Co. LP increased its holdings in Rhythm Pharmaceuticals by 21.5% in 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 buying an additional 288,376 shares in the last quarter. Geode Capital Management LLC increased its holdings in Rhythm Pharmaceuticals by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,311,253 shares of the company’s stock valued at $82,868,000 after buying an additional 24,085 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Rhythm Pharmaceuticals by 51.6% in the third quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock worth $119,983,000 after acquiring an additional 404,510 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RYTM. UBS Group reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, December 17th. Wells Fargo & Company lifted their price target on Rhythm Pharmaceuticals from $136.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday. Guggenheim upped their price target on Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the stock a “buy” rating in a report on Friday, February 27th. HC Wainwright lowered their price target on Rhythm Pharmaceuticals from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Finally, The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $133.19.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total transaction of $444,025.10. Following the transaction, the chief financial officer directly owned 110,512 shares in the company, valued at approximately $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 5,614 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the sale, the chief accounting officer directly owned 160 shares of the company’s stock, valued at approximately $14,329.60. This represents a 97.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 27,267 shares of company stock worth $2,719,955. 6.10% of the stock is currently owned by corporate insiders.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $87.38 on Friday. The stock has a market capitalization of $5.97 billion, a P/E ratio of -28.10 and a beta of 2.06. The business has a 50 day simple moving average of $100.23 and a two-hundred day simple moving average of $103.01. Rhythm Pharmaceuticals, Inc. has a 12 month low of $45.90 and a 12 month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The firm had revenue of $57.25 million for the quarter, compared to analyst estimates of $56.16 million. During the same period in the previous year, the company posted ($0.72) earnings per share. The business’s revenue was up 36.9% on a year-over-year basis. As a group, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.