Granahan Investment Management LLC Has $5.02 Million Stock Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Granahan Investment Management LLC boosted its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 20.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,728 shares of the company’s stock after acquiring an additional 8,556 shares during the period. Granahan Investment Management LLC owned 0.07% of Rhythm Pharmaceuticals worth $5,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RYTM. Vanguard Group Inc. raised its holdings in Rhythm Pharmaceuticals by 39.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock worth $504,589,000 after purchasing an additional 1,407,313 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 2.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after purchasing an additional 41,391 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Rhythm Pharmaceuticals by 21.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company’s stock valued at $102,966,000 after purchasing an additional 288,376 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Rhythm Pharmaceuticals by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,311,253 shares of the company’s stock worth $82,868,000 after buying an additional 24,085 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Rhythm Pharmaceuticals by 51.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock worth $119,983,000 after buying an additional 404,510 shares during the period.

Wall Street Analyst Weigh In

RYTM has been the topic of several analyst reports. HC Wainwright cut their price objective on shares of Rhythm Pharmaceuticals from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Citizens Jmp lifted their target price on shares of Rhythm Pharmaceuticals from $167.00 to $176.00 and gave the stock a “market outperform” rating in a report on Friday, February 27th. TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Thursday, December 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 22nd. Finally, Zacks Research upgraded Rhythm Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $133.19.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $87.38 on Monday. The company has a market capitalization of $5.97 billion, a P/E ratio of -28.10 and a beta of 2.06. The business has a 50-day moving average of $100.23 and a two-hundred day moving average of $103.01. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.90 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The business had revenue of $57.25 million for the quarter, compared to analysts’ expectations of $56.16 million. During the same quarter in the previous year, the business posted ($0.72) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 36.9% on a year-over-year basis. On average, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CAO Christopher Paul German sold 5,614 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total value of $502,789.84. Following the completion of the transaction, the chief accounting officer owned 160 shares in the company, valued at $14,329.60. This represents a 97.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $101.26, for a total transaction of $444,025.10. Following the sale, the chief financial officer directly owned 110,512 shares of the company’s stock, valued at $11,190,445.12. This represents a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,267 shares of company stock worth $2,719,955 over the last 90 days. Corporate insiders own 6.10% of the company’s stock.

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.