Rhythm Pharmaceuticals, Inc. $RYTM Shares Acquired by Sofinnova Investments Inc.

Sofinnova Investments Inc. lifted its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 9.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 271,394 shares of the company’s stock after acquiring an additional 24,428 shares during the quarter. Rhythm Pharmaceuticals comprises approximately 1.2% of Sofinnova Investments Inc.’s holdings, making the stock its 28th biggest holding. Sofinnova Investments Inc. owned approximately 0.41% of Rhythm Pharmaceuticals worth $29,050,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position in shares of Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Rhythm Pharmaceuticals by 97.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock valued at $29,000 after buying an additional 141 shares during the last quarter. SBI Securities Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 73.2% during 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 last quarter. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 118 shares during the period. Finally, Optiver Holding B.V. boosted its stake in Rhythm Pharmaceuticals by 65.2% during the 3rd quarter. Optiver Holding B.V. now owns 365 shares of the company’s stock valued at $37,000 after purchasing an additional 144 shares during the period.

Rhythm Pharmaceuticals Trading Up 1.5%

NASDAQ RYTM opened at $89.70 on Tuesday. The company has a fifty day simple moving average of $88.03 and a 200 day simple moving average of $96.12. The company has a market cap of $6.15 billion, a P/E ratio of -28.66 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a 1 year low of $60.70 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.03. The business had revenue of $60.11 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 83.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.81) EPS. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.07 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Needham & Company LLC dropped their price objective on shares of Rhythm Pharmaceuticals from $139.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $132.63.

Rhythm Pharmaceuticals Profile

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.