The Manufacturers Life Insurance Company Makes New $6.35 Million Investment in Rhythm Pharmaceuticals, Inc. $RYTM

The Manufacturers Life Insurance Company bought a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 57,170 shares of the company’s stock, valued at approximately $6,348,000. The Manufacturers Life Insurance Company owned 0.08% of Rhythm Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 303.0% in the 4th 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 period. 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 period. GAMMA Investing LLC grew its holdings in shares of Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after purchasing an additional 97 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after purchasing an additional 113 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Rhythm Pharmaceuticals in the second quarter worth approximately $51,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RYTM shares. Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Canaccord Genuity Group set a $154.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft began coverage on Rhythm Pharmaceuticals in a report on Friday. They set a “hold” rating and a $120.00 price objective on the stock. Royal Bank Of Canada boosted their target price on Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Fifteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $141.12.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 5,079 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $119.75, for a total value of $608,210.25. Following the sale, the insider owned 15,915 shares in the company, valued at $1,905,821.25. This represents a 24.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $117.57, for a total value of $912,695.91. Following the completion of the transaction, the insider directly owned 2,295 shares of the company’s stock, valued at $269,823.15. The trade was a 77.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 182,676 shares of company stock worth $20,754,691. Corporate insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $107.17 on Monday. The company has a 50-day simple moving average of $109.78 and a 200-day simple moving average of $96.90. The company has a market capitalization of $7.34 billion, a PE ratio of -34.46 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a 52-week low of $74.50 and a 52-week high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm had revenue of $71.25 million for the quarter, compared to the consensus estimate of $67.66 million. During the same quarter in the previous year, the firm earned ($0.75) earnings per share. The firm’s revenue was up 46.9% on a year-over-year basis. On average, research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.82 EPS for the current year.

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.