Penserra Capital Management LLC Purchases New Shares in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Penserra Capital Management LLC acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the third quarter, HoldingsChannel reports. The fund acquired 25,063 shares of the company’s stock, valued at approximately $1,313,000.

Several other large investors have also recently added to or reduced their stakes in the company. CWM LLC grew its stake in shares of Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after acquiring an additional 253 shares in the last quarter. ORG Partners LLC bought a new stake in Rhythm Pharmaceuticals in the 2nd quarter valued at about $51,000. ORG Wealth Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $63,000. Quest Partners LLC increased its holdings in shares of 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. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of 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 buying an additional 391 shares in the last quarter.

Rhythm Pharmaceuticals Trading Up 3.4 %

Shares of NASDAQ RYTM opened at $61.95 on Wednesday. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -14.31 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 12 month low of $31.52 and a 12 month high of $68.58. The stock has a 50-day moving average price of $53.56 and a two-hundred day moving average price of $47.43.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $32.52 million. During the same period in the prior year, the company earned ($0.76) EPS. The firm’s quarterly revenue was up 47.6% compared to the same quarter last year. On average, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $675,405. This trade represents a 23.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 138,181 shares of company stock worth $8,359,750. Insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

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

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.