SG Americas Securities LLC increased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 348.9% in Q2, acquiring 26,214 additional shares. This brings its total to 33,727 shares, valued at approximately $385,000. Other institutional investors including Perceptive Advisors LLC, Healthcare of Ontario Pension Plan Trust Fund, and Canada Pension Plan Investment Board also significantly increased their stakes in Rhythm Pharmaceuticals. The company's stock performance, quarterly earnings, and insider transactions were highlighted, showing a mixed outlook as analysts suggest a focus on future developments in the biotech sector.
SG Americas Securities LLC increased its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Free Report) by 348.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,727 shares of the company's stock after purchasing an additional 26,214 shares during the period. SG Americas Securities LLC owned 0.06% of Rhythm Pharmaceuticals worth $1,385,000 as of its most recent SEC filing.
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A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Perceptive Advisors LLC lifted its position in shares of Rhythm Pharmaceuticals by 465.6% in the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company's stock valued at $99,024,000 after acquiring an additional 1,773,282 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Rhythm Pharmaceuticals by 381.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company's stock valued at $31,659,000 after purchasing an additional 578,800 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company's stock worth $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Artisan Partners Limited Partnership purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $12,477,000. Finally, Vanguard Group Inc. raised its position in shares of Rhythm Pharmaceuticals by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company's stock valued at $148,342,000 after buying an additional 212,370 shares during the last quarter.
Rhythm Pharmaceuticals Price Performance
NASDAQ RYTM opened at $46.70 on Friday. The business's 50-day simple moving average is $44.81 and its 200-day simple moving average is $42.84. The firm has a market capitalization of $2.85 billion, a P/E ratio of -10.09 and a beta of 2.04. Rhythm Pharmaceuticals, Inc. has a 1-year low of $20.97 and a 1-year high of $53.92.
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Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (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 company had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same period in the previous year, the firm earned ($0.82) earnings per share. Rhythm Pharmaceuticals's revenue for the quarter was up 51.3% on a year-over-year basis. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.4 EPS for the current fiscal year.
Insider Activity at Rhythm Pharmaceuticals
In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the business's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the transaction, the insider now owns 30 shares in the company, valued at $1,590. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Joseph Shulman sold 10,468 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total transaction of $554,804.00. Following the sale, the insider now owns 30 shares in the company, valued at $1,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 1,395 shares of the company's stock in a transaction on Monday, July 29th. The shares were sold at an average price of $49.06, for a total transaction of $68,438.70. Following the completion of the transaction, the insider now owns 31,735 shares of the company's stock, valued at $1,556,919.10. The disclosure for this sale can be found here. In the last three months, insiders sold 66,182 shares of company stock worth $3,101,567. Corporate insiders own 5.60% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. Wells Fargo & Company dropped their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Thursday, April 18th. Bank of America lowered Rhythm Pharmaceuticals from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $49.00 to $42.00 in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group dropped their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a "buy" rating for the company in a research note on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.83.
Check Out Our Latest Research Report on RYTM
Rhythm Pharmaceuticals Company Profile
(Free Report)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.
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