Federated Hermes Inc. Buys 42,236 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Federated Hermes Inc. lifted its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,591,871 shares of the company’s stock after acquiring an additional 42,236 shares during the quarter. Federated Hermes Inc.’s holdings in Rhythm Pharmaceuticals were worth $84,321,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. TD Asset Management Inc grew its stake in shares of Rhythm Pharmaceuticals by 5.0% in the first quarter. TD Asset Management Inc now owns 50,200 shares of the company’s stock worth $2,659,000 after acquiring an additional 2,400 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Rhythm Pharmaceuticals by 22.4% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 93,105 shares of the company’s stock worth $4,932,000 after acquiring an additional 17,021 shares during the period. Victory Capital Management Inc. grew its stake in shares of Rhythm Pharmaceuticals by 1.0% in the first quarter. Victory Capital Management Inc. now owns 17,326 shares of the company’s stock worth $918,000 after acquiring an additional 174 shares during the period. Leo Wealth LLC bought a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth approximately $848,000. Finally, CWM LLC grew its stake in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company’s stock worth $137,000 after acquiring an additional 1,240 shares during the period.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 42,120 shares of the business’s stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the completion of the sale, the chief financial officer directly owned 116,915 shares of the company’s stock, valued at approximately $9,409,319.20. The trade was a 26.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pamela J. Cramer sold 15,572 shares of the company’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the sale, the insider directly owned 19,209 shares of the company’s stock, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,417 shares of company stock valued at $6,352,511. Insiders own 6.10% of the company’s stock.

Analyst Ratings Changes

RYTM has been the subject of a number of research analyst reports. Leerink Partners initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an “outperform” rating and a $88.00 price target for the company. JMP Securities reissued a “market outperform” rating and issued a $84.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday, June 26th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Finally, Leerink Partnrs raised shares of Rhythm Pharmaceuticals to a “strong-buy” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $91.93.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $85.63 on Wednesday. The company’s fifty day moving average is $70.96 and its 200 day moving average is $61.85. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $40.61 and a fifty-two week high of $94.80. The stock has a market capitalization of $5.45 billion, a PE ratio of -30.47 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. During the same quarter last year, the firm earned ($2.35) EPS. The company’s revenue was up 25.9% on a year-over-year basis. As a group, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Rhythm Pharmaceuticals Company 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.