Walleye Capital LLC Buys New Position in Rhythm Pharmaceuticals, Inc. $RYTM

Walleye Capital LLC bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the second quarter, HoldingsChannel reports. The institutional investor bought 5,996 shares of the company’s stock, valued at approximately $666,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC boosted its position in shares of Rhythm Pharmaceuticals by 148.2% during the 1st quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock valued at $2,085,000 after purchasing an additional 23,506 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Rhythm Pharmaceuticals by 6.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock worth $1,874,000 after purchasing an additional 2,126 shares in the last quarter. Prudential Financial Inc. lifted its stake in Rhythm Pharmaceuticals by 62.9% during the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock valued at $423,000 after purchasing an additional 2,740 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Rhythm Pharmaceuticals by 11.2% during the second quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company’s stock valued at $15,187,000 after purchasing an additional 24,152 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Rhythm Pharmaceuticals by 10.0% during the second quarter. Sei Investments Co. now owns 33,145 shares of the company’s stock worth $2,095,000 after buying an additional 3,004 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Citizens Jmp raised their target price on shares of Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a report on Monday, June 15th. Finally, Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.44.

Insiders Place Their Bets

In other news, EVP Yann Mazabraud sold 57,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $116.15, for a total value of $6,620,550.00. Following the sale, the executive vice president directly owned 55,655 shares of the company’s stock, valued at approximately $6,464,328.25. This trade represents a 50.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Kayden Lee sold 75,834 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $117.38, for a total value of $8,901,394.92. Following the completion of the sale, the executive vice president directly owned 54,233 shares in the company, valued at $6,365,869.54. This trade represents a 58.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 169,834 shares of company stock valued at $19,233,785 in the last quarter. Insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $115.48 on Friday. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The stock’s 50-day moving average is $105.44 and its two-hundred day moving average is $96.45. The firm has a market cap of $7.91 billion, a P/E ratio of -37.13 and a beta of 1.92.

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 return on equity of 159.87% and a negative net margin of 85.59%.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 prior year, the company posted ($0.75) earnings per share. The firm’s revenue was up 46.9% on a year-over-year basis. As a group, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.82 EPS for the current year.

About Rhythm Pharmaceuticals

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.