Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board trimmed its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 27.7% in the second quarter, Holdings Channel reports. The firm owned 417,000 shares of the company’s stock after selling 160,000 shares during the period. Canada Pension Plan Investment Board’s holdings in Rhythm Pharmaceuticals were worth $17,122,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RYTM. CWM LLC lifted its stake in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares in the last quarter. American International Group Inc. lifted its stake in Rhythm Pharmaceuticals by 3.1% during the 1st quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after acquiring an additional 781 shares in the last quarter. ORG Partners LLC purchased a new position in Rhythm Pharmaceuticals during the 2nd quarter valued at about $51,000. Principal Financial Group Inc. grew its position in Rhythm Pharmaceuticals by 20.6% in the 1st quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after acquiring an additional 1,227 shares in the last quarter. Finally, Quest Partners LLC increased its stake in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after purchasing an additional 1,391 shares during the period.

Wall Street Analyst Weigh In

RYTM has been the subject of several recent research reports. HC Wainwright began coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, September 18th. They issued a “buy” rating and a $64.00 price objective for the company. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.88.

Rhythm Pharmaceuticals Trading Down 3.3 %

Shares of RYTM stock opened at $51.06 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 12 month low of $20.97 and a 12 month high of $55.64. The company has a market cap of $3.11 billion, a P/E ratio of -11.03 and a beta of 2.07. The firm has a fifty day moving average price of $48.12 and a 200 day moving average price of $43.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The business had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.82) EPS. On average, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 5,313 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $50.01, for a total value of $265,703.13. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at approximately $1,500.30. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Shulman sold 5,313 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $50.01, for a total value of $265,703.13. Following the completion of the sale, the insider now directly owns 30 shares of the company’s stock, valued at $1,500.30. The disclosure for this sale can be found here. Insiders have sold 127,033 shares of company stock worth $6,214,392 over the last three months. Insiders own 5.60% of the company’s stock.

About Rhythm Pharmaceuticals

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.