Algert Global LLC Decreases Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Algert Global LLC lowered its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 48.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 54,171 shares of the company’s stock after selling 49,961 shares during the quarter. Algert Global LLC owned about 0.09% of Rhythm Pharmaceuticals worth $2,838,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its position in shares of Rhythm Pharmaceuticals by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company’s stock valued at $22,730,000 after purchasing an additional 5,908 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the third quarter valued at approximately $649,000. Quest Partners LLC grew its position in shares of Rhythm Pharmaceuticals by 451.6% during the third quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock worth $480,000 after acquiring an additional 7,505 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 158.0% in the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock valued at $953,000 after acquiring an additional 11,137 shares during the period. Finally, Principal Financial Group Inc. raised its position in Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after purchasing an additional 23,054 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have issued reports on RYTM. Bank of America raised their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Finally, JMP Securities began coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $62.30.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $148,950. This trade represents a 85.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 138,181 shares of company stock valued at $8,359,750. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $61.95 on Wednesday. The business’s fifty day moving average price is $53.56 and its 200 day moving average price is $47.43. The firm has a market capitalization of $3.81 billion, a PE ratio of -14.31 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 1-year low of $31.52 and a 1-year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter last year, the firm posted ($0.76) EPS. The business’s revenue was up 47.6% compared to the same quarter last year. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current fiscal year.

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.