State of Wisconsin Investment Board Takes $394,000 Position in Rhythm Pharmaceuticals Inc (RYTM)
State of Wisconsin Investment Board bought a new stake in Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 12,600 shares of the company’s stock, valued at approximately $394,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. grew its stake in shares of Rhythm Pharmaceuticals by 9.2% in the 2nd quarter. Alps Advisors Inc. now owns 39,952 shares of the company’s stock worth $1,249,000 after buying an additional 3,359 shares in the last quarter. TD Asset Management Inc. purchased a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $364,000. Point72 Asset Management L.P. grew its stake in shares of Rhythm Pharmaceuticals by 125.0% in the 1st quarter. Point72 Asset Management L.P. now owns 180,000 shares of the company’s stock worth $3,582,000 after buying an additional 100,000 shares in the last quarter. Foresite Capital Management IV LLC grew its stake in shares of Rhythm Pharmaceuticals by 14.3% in the 1st quarter. Foresite Capital Management IV LLC now owns 200,000 shares of the company’s stock worth $3,980,000 after buying an additional 25,000 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of Rhythm Pharmaceuticals in the 1st quarter worth $1,342,000. Institutional investors own 89.97% of the company’s stock.
RYTM stock opened at $31.12 on Friday. Rhythm Pharmaceuticals Inc has a 12 month low of $16.80 and a 12 month high of $37.23.
A number of equities analysts recently commented on the stock. Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, June 15th. BidaskClub raised shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Friday, May 4th. Finally, Zacks Investment Research raised shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Saturday, June 16th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $34.40.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
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