Granahan Investment Management LLC Boosts Position in Rhythm Pharmaceuticals, Inc. $RYTM

Granahan Investment Management LLC raised its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 45.4% during the 1st quarter, Holdings Channel reports. The firm owned 77,709 shares of the company’s stock after acquiring an additional 24,257 shares during the quarter. Granahan Investment Management LLC’s holdings in Rhythm Pharmaceuticals were worth $6,758,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of Rhythm Pharmaceuticals by 303.0% during the 4th 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 last quarter. SBI Securities Co. Ltd. grew its stake 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 acquiring an additional 145 shares during the last quarter. GAMMA Investing LLC grew its stake in Rhythm Pharmaceuticals by 48.6% in 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 holdings in 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 in the last quarter. Finally, Covestor Ltd increased its holdings in Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after acquiring an additional 444 shares in the last quarter.

Insider Buying and Selling

In related news, Director Lynn A. Tetrault sold 37,000 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $102.10 on Friday. The stock has a market capitalization of $7.00 billion, a P/E ratio of -32.62 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a one year low of $74.50 and a one year high of $122.20. The company has a 50 day moving average price of $98.91 and a two-hundred day moving average price of $95.80.

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

Analysts Set New Price Targets

Several analysts have issued reports on RYTM shares. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 3rd. Canaccord Genuity Group raised their price objective on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. Royal Bank Of Canada lifted their price objective on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Finally, Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $138.29.

Rhythm Pharmaceuticals Company 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.