Rhythm Pharmaceuticals, Inc. $RYTM Position Decreased by Rock Springs Capital Management LP

Rock Springs Capital Management LP decreased its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 0.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 689,748 shares of the company’s stock after selling 5,262 shares during the quarter. Rhythm Pharmaceuticals comprises about 3.5% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 6th biggest position. Rock Springs Capital Management LP owned about 1.01% of Rhythm Pharmaceuticals worth $59,987,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after buying an additional 200 shares during the period. SBI Securities Co. Ltd. grew its holdings in Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after buying an additional 145 shares during the period. GAMMA Investing LLC increased its stake in shares of Rhythm Pharmaceuticals by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after acquiring an additional 118 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after acquiring an additional 113 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock worth $62,000 after acquiring an additional 444 shares during the period.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $106.13 on Tuesday. The stock has a 50-day simple moving average of $99.30 and a 200-day simple moving average of $95.80. The stock has a market capitalization of $7.27 billion, a P/E ratio of -33.91 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 1 year low of $74.50 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million for the quarter, compared to analyst estimates of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. Rhythm Pharmaceuticals’s revenue for the quarter was up 83.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.81) earnings per share. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.1 earnings per share for the current year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director owned 7,000 shares of the company’s stock, valued at approximately $702,240. This trade represents a 84.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RYTM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. TD Cowen reaffirmed a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Royal Bank Of Canada lifted their price target on shares of Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, JPMorgan Chase & Co. started coverage on Rhythm Pharmaceuticals in a report on Monday. They set an “overweight” rating and a $145.00 price objective for the company. Fifteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.73.

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.