Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stake Lowered by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 22.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,844 shares of the company’s stock after selling 14,353 shares during the period. Wedge Capital Management L L P NC owned 0.08% of Rhythm Pharmaceuticals worth $2,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. CWM LLC increased its position in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the period. American International Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 3.1% during the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after acquiring an additional 781 shares during the last quarter. ORG Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth about $51,000. ORG Wealth Partners LLC bought a new stake in Rhythm Pharmaceuticals in the 3rd quarter valued at about $63,000. Finally, Principal Financial Group Inc. boosted its stake in Rhythm Pharmaceuticals by 20.6% during the 1st quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after purchasing an additional 1,227 shares during the period.

Insider Buying and Selling

In related news, Director Jennifer L. Good sold 31,751 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Lynn A. Tetrault sold 17,501 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $148,950. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,252 shares of company stock worth $5,393,885 in the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $50.41 on Wednesday. The company has a market capitalization of $3.08 billion, a PE ratio of -11.56 and a beta of 2.07. The stock’s fifty day moving average is $48.48 and its 200-day moving average is $44.25. Rhythm Pharmaceuticals, Inc. has a one year low of $21.34 and a one year high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.79 million. During the same period in the previous year, the business earned ($0.82) earnings per share. Rhythm Pharmaceuticals’s revenue for the quarter was up 51.3% compared to the same quarter last year. On average, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, October 7th. Finally, Bank of America increased their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.13.

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.