Profund Advisors LLC Grows Holdings in Rhythm Pharmaceuticals, Inc. $RYTM

Profund Advisors LLC raised its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 68.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,046 shares of the company’s stock after buying an additional 8,589 shares during the period. Profund Advisors LLC’s holdings in Rhythm Pharmaceuticals were worth $2,253,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. Vanguard Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 39.2% during the third 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 in the last quarter. Alliancebernstein L.P. boosted its holdings in Rhythm Pharmaceuticals by 1,493.8% in the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock valued at $98,938,000 after purchasing an additional 918,212 shares during the last quarter. Capital Research Global Investors acquired a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at about $60,417,000. Jennison Associates LLC boosted its holdings in Rhythm Pharmaceuticals by 123.2% in the 4th quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after purchasing an additional 507,017 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Rhythm Pharmaceuticals by 51.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock valued at $119,983,000 after purchasing an additional 404,510 shares during the last quarter.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $87.21 on Wednesday. The stock has a market cap of $5.98 billion, a P/E ratio of -27.86 and a beta of 1.94. The firm has a fifty day moving average price of $87.41 and a 200 day moving average price of $98.09. Rhythm Pharmaceuticals, Inc. has a 1-year low of $58.71 and a 1-year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.03. The firm had revenue of $60.11 million during the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. Rhythm Pharmaceuticals’s quarterly 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) EPS. Sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -3.05 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Zacks Research upgraded shares of Rhythm Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Telsey Advisory Group set a $143.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday, March 12th. Royal Bank Of Canada upped their target price on shares of Rhythm Pharmaceuticals from $136.00 to $137.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Bank of America cut their target price on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating on the stock in a research note on Tuesday, March 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $131.81.

Insiders Place Their Bets

In other news, CFO Hunter C. Smith sold 4,385 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the sale, the chief financial officer owned 110,512 shares in the company, valued at approximately $11,190,445.12. This trade represents a 3.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 5,614 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $89.56, for a total transaction of $502,789.84. Following the completion of the sale, the chief accounting officer owned 160 shares of the company’s stock, valued at $14,329.60. This trade represents a 97.23% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.90% of the stock is owned by corporate insiders.

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.