Driehaus Capital Management LLC Acquires 326,865 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Driehaus Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 38.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,182,370 shares of the company’s stock after acquiring an additional 326,865 shares during the period. Driehaus Capital Management LLC’s holdings in Rhythm Pharmaceuticals were worth $48,548,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RYTM. Vanguard Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 2.4% during the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after acquiring an additional 77,208 shares during the last quarter. Perceptive Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 465.6% in the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after buying an additional 1,773,282 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Rhythm Pharmaceuticals by 381.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after buying an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after acquiring an additional 310,000 shares during the period. Finally, National Bank of Canada FI increased its stake in Rhythm Pharmaceuticals by 10.0% in the 2nd quarter. National Bank of Canada FI now owns 404,242 shares of the company’s stock worth $17,249,000 after buying an additional 36,725 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $150,030. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were 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 owns 3,000 shares in the company, valued at approximately $148,950. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $150,030. The disclosure for this sale can be found here. Insiders sold a total of 127,033 shares of company stock valued at $6,214,392 in the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $51.35 on Friday. The company has a market cap of $3.14 billion, a price-to-earnings ratio of -11.09 and a beta of 2.07. Rhythm Pharmaceuticals, Inc. has a 1 year low of $20.97 and a 1 year high of $55.64. The firm has a 50 day moving average price of $48.14 and a 200 day moving average price of $43.50.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm’s revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.82) EPS. Sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.43 EPS for the current year.

Analysts Set New Price Targets

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

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.