Rhythm Pharmaceuticals, Inc. $RYTM Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 24.4% during the 1st quarter, Holdings Channel reports. The firm owned 258,011 shares of the company’s stock after selling 83,182 shares during the quarter. Renaissance Technologies LLC’s holdings in Rhythm Pharmaceuticals were worth $22,439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 303.0% in the fourth 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 holdings in shares of Rhythm Pharmaceuticals by 73.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after buying an additional 145 shares during the last quarter. GAMMA Investing LLC increased its position in shares of 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 period. Smartleaf Asset Management LLC increased its position in shares of Rhythm Pharmaceuticals by 39.5% in 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 during the period. Finally, Covestor Ltd raised its stake in Rhythm Pharmaceuticals by 328.9% in the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock worth $62,000 after acquiring an additional 444 shares during the last quarter.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $106.53 on Thursday. The firm has a market capitalization of $7.30 billion, a P/E ratio of -34.04 and a beta of 1.88. The stock has a 50-day simple moving average of $100.03 and a two-hundred day simple moving average of $95.91. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20.

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

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $702,240. The trade was a 84.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RYTM. Canaccord Genuity Group lifted their price target on Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Royal Bank Of Canada lifted their target price on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Finally, TD Cowen reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Fifteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $138.73.

Rhythm Pharmaceuticals 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.