Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 241.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,586 shares of the company’s stock after purchasing an additional 23,054 shares during the quarter. Principal Financial Group Inc.’s holdings in Rhythm Pharmaceuticals were worth $1,707,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. CWM LLC grew its position in Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares during the last quarter. ORG Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at about $51,000. ORG Wealth Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at about $63,000. Quest Partners LLC raised its position in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after acquiring an additional 1,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares during the period.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,200 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 value of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at $675,135. The trade was a 19.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This trade represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 145,681 shares of company stock worth $8,734,825 in the last quarter. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

RYTM has been the topic of a number of analyst reports. 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 note on Monday, October 14th. Canaccord Genuity Group restated a “buy” rating and set a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Guggenheim started coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. TD Cowen boosted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Needham & Company LLC upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $62.30.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $59.94 on Friday. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -13.69 and a beta of 2.09. The company’s 50 day simple moving average is $53.14 and its two-hundred day simple moving average is $47.05. 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 data on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm’s revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.76) earnings per share. On average, equities analysts anticipate 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.