Bank of New York Mellon Corp Sells 680 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Bank of New York Mellon Corp lowered its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 148,246 shares of the company’s stock after selling 680 shares during the period. Bank of New York Mellon Corp’s holdings in Rhythm Pharmaceuticals were worth $8,299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth approximately $328,000. Cannon Financial Strategists Inc. bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth approximately $560,000. Principal Financial Group Inc. boosted its holdings in Rhythm Pharmaceuticals by 13.2% in the fourth quarter. Principal Financial Group Inc. now owns 36,884 shares of the company’s stock worth $2,065,000 after acquiring an additional 4,298 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth approximately $1,960,000. Finally, Rhumbline Advisers boosted its holdings in Rhythm Pharmaceuticals by 2.5% in the fourth quarter. Rhumbline Advisers now owns 82,731 shares of the company’s stock worth $4,631,000 after acquiring an additional 2,017 shares in the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Hunter C. Smith sold 2,215 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $126,742.30. Following the completion of the sale, the chief financial officer now directly owns 109,929 shares of the company’s stock, valued at $6,290,137.38. This represents a 1.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,787 shares of company stock valued at $1,901,443 over the last ninety days. 5.60% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Trading Up 1.5 %

Shares of RYTM opened at $50.97 on Friday. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -11.77 and a beta of 2.30. The stock has a 50 day moving average of $55.97 and a 200 day moving average of $54.61. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The business had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. As a group, equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RYTM shares. Jefferies Financial Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday, February 27th. Stifel Nicolaus started coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 target price on the stock. Morgan Stanley restated an “overweight” rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Finally, Oppenheimer started coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.31.

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.