Castleark Management LLC Sells 12,200 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Castleark Management LLC lowered its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 18.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,279 shares of the company’s stock after selling 12,200 shares during the quarter. Castleark Management LLC owned 0.08% of Rhythm Pharmaceuticals worth $4,547,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RYTM. Xponance LLC lifted its position in shares of Rhythm Pharmaceuticals by 2.6% in the fourth quarter. Xponance LLC now owns 4,269 shares of the company’s stock worth $457,000 after purchasing an additional 107 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Rhythm Pharmaceuticals by 39.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after purchasing an additional 113 shares in the last quarter. Captrust Financial Advisors increased its stake in Rhythm Pharmaceuticals by 0.7% in the 2nd quarter. Captrust Financial Advisors now owns 17,471 shares of the company’s stock valued at $1,104,000 after buying an additional 114 shares during the last quarter. GAMMA Investing LLC increased its stake in Rhythm Pharmaceuticals by 48.6% in the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after buying an additional 118 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in Rhythm Pharmaceuticals by 73.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock worth $37,000 after buying an additional 145 shares in the last quarter.

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at approximately $702,240. The trade was a 84.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RYTM shares. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. assumed coverage on Rhythm Pharmaceuticals in a report on Monday. They set an “overweight” rating and a $145.00 target price on the stock. TD Cowen reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Stifel Nicolaus set a $133.00 price target on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Finally, Royal Bank Of Canada boosted their price target on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $138.73.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $106.13 on Tuesday. The firm’s 50-day moving average is $99.30 and its 200-day moving average is $95.80. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of -33.91 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 52-week low of $74.50 and a 52-week high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.03. The business had revenue of $60.11 million during the quarter, compared to the consensus estimate of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. Rhythm Pharmaceuticals’s revenue was up 83.8% on a year-over-year basis. During the same period last year, the business posted ($0.81) EPS. Sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.1 EPS for the current fiscal year.

Rhythm Pharmaceuticals Profile

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.