Fifth Third Bancorp Invests $457,000 in Rhythm Pharmaceuticals, Inc. $RYTM

Fifth Third Bancorp purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the first quarter, HoldingsChannel reports. The fund purchased 5,260 shares of the company’s stock, valued at approximately $457,000.

Several other hedge funds have also recently bought and sold shares of RYTM. EverSource Wealth Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in Rhythm Pharmaceuticals by 73.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after purchasing an additional 145 shares during the last quarter. GAMMA Investing LLC grew its holdings in Rhythm Pharmaceuticals by 48.6% in the fourth quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after purchasing an additional 118 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Rhythm Pharmaceuticals by 39.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after buying an additional 113 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Rhythm Pharmaceuticals by 328.9% in the fourth quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after buying an additional 444 shares in the last quarter.

Analysts Set New Price Targets

RYTM has been the subject of several research reports. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Canaccord Genuity Group raised their target price on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday. They issued an “overweight” rating and a $145.00 price target on the stock. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $138.73.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director owned 7,000 shares of the company’s stock, valued at $702,240. This represents a 84.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM opened at $106.53 on Thursday. The company has a 50-day simple moving average of $100.03 and a 200-day simple moving average of $95.91. The company has a market cap of $7.30 billion, a PE ratio of -34.04 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 12 month low of $74.50 and a 12 month high of $122.20.

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

About Rhythm Pharmaceuticals

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.