Readystate Asset Management LP Cuts Stock Position in Rhythm Pharmaceuticals, Inc. $RYTM

Readystate Asset Management LP cut its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 66.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 8,365 shares of the company’s stock after selling 16,301 shares during the period. Readystate Asset Management LP’s holdings in Rhythm Pharmaceuticals were worth $845,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RYTM. Nisa Investment Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 956.9% in the third quarter. Nisa Investment Advisors LLC now owns 13,254 shares of the company’s stock worth $1,339,000 after buying an additional 12,000 shares in the last quarter. EFG Asset Management North America Corp. purchased a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at $2,047,000. Penserra Capital Management LLC bought a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter valued at $3,073,000. Norges Bank purchased a new position in Rhythm Pharmaceuticals in the 2nd quarter worth $13,105,000. Finally, SG Americas Securities LLC lifted its stake in Rhythm Pharmaceuticals by 216.2% in the third quarter. SG Americas Securities LLC now owns 19,554 shares of the company’s stock worth $1,975,000 after purchasing an additional 13,369 shares during the last quarter.

Insiders Place Their Bets

In other news, CFO Hunter C. Smith sold 3,381 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $106.06, for a total transaction of $358,588.86. Following the sale, the chief financial officer owned 125,537 shares of the company’s stock, valued at approximately $13,314,454.22. The trade was a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pamela J. Cramer sold 3,350 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $111.00, for a total transaction of $371,850.00. Following the transaction, the insider owned 20,814 shares in the company, valued at $2,310,354. This represents a 13.86% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 17,049 shares of company stock worth $1,783,165. Insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $101.30 on Thursday. The firm has a market cap of $6.76 billion, a P/E ratio of -32.68 and a beta of 2.00. The business’s 50 day moving average price is $105.98 and its 200-day moving average price is $103.23. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $45.90 and a fifty-two week high of $122.20.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Citigroup reaffirmed an “outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, December 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price target on shares of Rhythm Pharmaceuticals in a research note on Thursday, December 11th. UBS Group reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, December 17th. Oppenheimer downgraded shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Finally, Canaccord Genuity Group increased their price target on shares of Rhythm Pharmaceuticals from $114.00 to $141.00 and gave the company a “buy” rating in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $131.50.

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.