M&T Bank Corp Makes New Investment in Rhythm Pharmaceuticals, Inc. $RYTM

M&T Bank Corp bought a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 85,967 shares of the company’s stock, valued at approximately $9,202,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RYTM. Vanguard Group Inc. raised its holdings 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 during the period. Alliancebernstein L.P. raised its holdings in shares of Rhythm Pharmaceuticals by 1,493.8% during the third quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock worth $98,938,000 after purchasing an additional 918,212 shares during the period. Capital Research Global Investors acquired a new stake in shares of Rhythm Pharmaceuticals during the third quarter worth $60,417,000. JPMorgan Chase & Co. raised its holdings in shares of Rhythm Pharmaceuticals by 51.6% during the third quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock worth $119,983,000 after purchasing an additional 404,510 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth $21,548,000.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RYTM. Telsey Advisory Group set a $143.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday, March 12th. Needham & Company LLC dropped their target price on shares of Rhythm Pharmaceuticals from $139.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Tuesday. Guggenheim increased their target price on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Citigroup dropped their price objective on shares of Rhythm Pharmaceuticals from $136.00 to $131.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $131.13.

Rhythm Pharmaceuticals Trading Up 0.6%

Rhythm Pharmaceuticals stock opened at $85.70 on Friday. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of -27.56 and a beta of 2.14. The company’s 50-day moving average price is $89.56 and its two-hundred day moving average price is $100.08. Rhythm Pharmaceuticals, Inc. has a 52 week low of $55.31 and a 52 week high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Thursday, February 26th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative net margin of 103.57% and a negative return on equity of 266.56%. The company had revenue of $57.25 million during the quarter, compared to analysts’ expectations of $56.16 million. During the same period last year, the company posted ($0.72) earnings per share. The business’s revenue for the quarter was up 36.9% on a year-over-year basis. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -3.08 earnings per share for the current fiscal year.

Insider Activity

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 5,614 shares of the firm’s stock in a transaction dated 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 directly owned 160 shares in the company, valued at $14,329.60. This trade represents a 97.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Hunter C. Smith sold 4,385 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $101.26, for a total transaction of $444,025.10. Following the completion of the transaction, the chief financial officer owned 110,512 shares of the company’s stock, valued at approximately $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 27,267 shares of company stock valued at $2,719,955. 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.