Sofinnova Investments Inc. Has $29.05 Million Stock Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Sofinnova Investments Inc. grew its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 271,394 shares of the company’s stock after buying an additional 24,428 shares during the quarter. Rhythm Pharmaceuticals accounts for approximately 1.2% of Sofinnova Investments Inc.’s holdings, making the stock its 28th biggest holding. Sofinnova Investments Inc.’s holdings in Rhythm Pharmaceuticals were worth $29,050,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Rhythm Pharmaceuticals by 24.3% during the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock worth $664,816,000 after purchasing an additional 1,214,489 shares in the last quarter. RA Capital Management L.P. boosted its stake in shares of Rhythm Pharmaceuticals by 2.2% in the 3rd quarter. RA Capital Management L.P. now owns 5,681,359 shares of the company’s stock valued at $573,760,000 after purchasing an additional 120,000 shares during the last quarter. State Street Corp boosted its stake in shares of Rhythm Pharmaceuticals by 8.4% in the 4th quarter. State Street Corp now owns 2,198,615 shares of the company’s stock valued at $235,340,000 after purchasing an additional 169,964 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Rhythm Pharmaceuticals by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,423,989 shares of the company’s stock worth $152,424,000 after acquiring an additional 235,920 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Rhythm Pharmaceuticals by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,375,729 shares of the company’s stock worth $147,283,000 after acquiring an additional 12,900 shares during the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $89.70 on Tuesday. The stock has a market cap of $6.15 billion, a PE ratio of -28.66 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a 52-week low of $60.70 and a 52-week high of $122.20. The firm has a 50-day moving average of $88.03 and a 200-day moving average of $96.12.

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, 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 net margin of 93.33% and a negative return on equity of 203.25%. The business’s revenue for the quarter was up 83.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.81) earnings per share. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -3.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on RYTM shares. Morgan Stanley reduced their price objective on shares of Rhythm Pharmaceuticals from $150.00 to $136.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 17th. Jefferies Financial Group reissued a “buy” rating and issued a $125.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, March 3rd. Bank of America lowered their target price on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Zacks Research upgraded shares of Rhythm Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, HC Wainwright decreased their price objective on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $132.63.

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.