Rhythm Pharmaceuticals, Inc. $RYTM Shares Sold by Alkeon Capital Management LLC

Alkeon Capital Management LLC reduced its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 30.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 817,700 shares of the company’s stock after selling 350,000 shares during the quarter. Alkeon Capital Management LLC owned about 1.29% of Rhythm Pharmaceuticals worth $43,314,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Rhythm Pharmaceuticals during the first quarter worth about $34,000. State of Wyoming acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $61,000. GF Fund Management CO. LTD. acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $72,000. CWM LLC grew its stake in Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company’s stock worth $137,000 after buying an additional 1,240 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in Rhythm Pharmaceuticals during the first quarter worth approximately $166,000.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RYTM shares. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They issued a “buy” rating and a $97.00 price objective for the company. Bank of America upped their price target on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, July 10th. JMP Securities raised their price objective on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 6th. Leerink Partners assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an “outperform” rating and a $88.00 price objective on the stock. Finally, Oppenheimer upped their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Buy” and an average target price of $101.57.

Rhythm Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ:RYTM opened at $103.15 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $45.00 and a 52 week high of $104.93. The company has a 50-day moving average price of $86.78 and a 200 day moving average price of $68.38. The company has a market cap of $6.85 billion, a P/E ratio of -34.27 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. During the same quarter in the previous year, the firm posted ($0.55) EPS. The business’s revenue for the quarter was up 66.8% on a year-over-year basis. Analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 15,572 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares in the company, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the completion of the transaction, the chief accounting officer directly owned 922 shares of the company’s stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 119,177 shares of company stock valued at $9,977,553. 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.