JPMorgan Chase & Co. Acquires 639,919 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

JPMorgan Chase & Co. grew its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 445.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 783,559 shares of the company’s stock after acquiring an additional 639,919 shares during the quarter. JPMorgan Chase & Co. owned 1.18% of Rhythm Pharmaceuticals worth $49,513,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Rhythm Pharmaceuticals during the 1st quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 16.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,458 shares of the company’s stock worth $155,000 after buying an additional 342 shares during the last quarter. Bayforest Capital Ltd acquired a new position in shares of Rhythm Pharmaceuticals during the first quarter worth $166,000. CWM LLC lifted its stake in shares of Rhythm Pharmaceuticals by 19.6% in the 2nd quarter. CWM LLC now owns 3,091 shares of the company’s stock valued at $195,000 after acquiring an additional 507 shares during the last quarter. Finally, Freestone Capital Holdings LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at $234,000.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $108.97 on Monday. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $116.00. The stock has a 50 day simple moving average of $103.86 and a two-hundred day simple moving average of $89.32. The company has a market cap of $7.27 billion, a P/E ratio of -36.20 and a beta of 2.12.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10). The business had revenue of $51.30 million for the quarter, compared to the consensus estimate of $50.71 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. On average, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup initiated coverage on Rhythm Pharmaceuticals in a report on Tuesday, November 25th. They issued a “buy” rating and a $136.00 target price for the company. Guggenheim boosted their price target on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Morgan Stanley raised their price objective on shares of Rhythm Pharmaceuticals from $122.00 to $129.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Oppenheimer downgraded shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 5th. Finally, Wall Street Zen lowered shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.86.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 9,748 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $115.24, for a total value of $1,123,359.52. Following the completion of the sale, the insider directly owned 8,509 shares of the company’s stock, valued at approximately $980,577.16. The trade was a 53.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 27,000 shares of company stock valued at $3,064,490 in the last ninety days. Company insiders own 6.10% of the company’s stock.

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.