Readystate Asset Management LP Sells 16,301 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Readystate Asset Management LP trimmed its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 66.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,365 shares of the company’s stock after selling 16,301 shares during the quarter. Readystate Asset Management LP’s holdings in Rhythm Pharmaceuticals were worth $845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in RYTM. Nisa Investment Advisors LLC grew its position in Rhythm Pharmaceuticals by 956.9% during the third quarter. Nisa Investment Advisors LLC now owns 13,254 shares of the company’s stock valued at $1,339,000 after buying an additional 12,000 shares during the period. EFG Asset Management North America Corp. bought a new stake in Rhythm Pharmaceuticals in the third quarter worth about $2,047,000. Penserra Capital Management LLC purchased a new position in Rhythm Pharmaceuticals in the third quarter valued at about $3,073,000. Norges Bank bought a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at approximately $13,105,000. Finally, SG Americas Securities LLC increased its stake in shares of Rhythm Pharmaceuticals by 216.2% during the 3rd quarter. SG Americas Securities LLC now owns 19,554 shares of the company’s stock worth $1,975,000 after purchasing an additional 13,369 shares during the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 3,350 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $111.00, for a total value of $371,850.00. Following the sale, the insider directly owned 20,814 shares of the company’s stock, valued at $2,310,354. This trade represents a 13.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Hunter C. Smith sold 3,381 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $106.06, for a total transaction of $358,588.86. Following the completion of the transaction, the chief financial officer directly owned 125,537 shares of the company’s stock, valued at approximately $13,314,454.22. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 17,049 shares of company stock worth $1,783,165. 6.10% of the stock is owned by company insiders.

Rhythm Pharmaceuticals Stock Down 1.2%

Rhythm Pharmaceuticals stock opened at $101.30 on Thursday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.90 and a 52 week high of $122.20. The business has a 50-day simple moving average of $105.98 and a 200 day simple moving average of $103.23. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of -32.68 and a beta of 2.00.

Analyst Ratings Changes

Several research firms recently commented on RYTM. HC Wainwright upped their price objective on Rhythm Pharmaceuticals from $123.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Canaccord Genuity Group boosted their target price on Rhythm Pharmaceuticals from $114.00 to $141.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Citizens Jmp upped their price target on Rhythm Pharmaceuticals from $141.00 to $167.00 and gave the company a “market outperform” rating in a research report on Friday, December 12th. Oppenheimer downgraded Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Finally, Zacks Research cut Rhythm Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $131.50.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.