Principal Financial Group Inc. Buys 23,054 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Principal Financial Group Inc. lifted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 241.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,586 shares of the company’s stock after purchasing an additional 23,054 shares during the period. Principal Financial Group Inc.’s holdings in Rhythm Pharmaceuticals were worth $1,707,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Loomis Sayles & Co. L P bought a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $33,353,000. Driehaus Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after buying an additional 326,865 shares during the period. Candriam S.C.A. bought a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth $11,143,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock valued at $39,715,000 after acquiring an additional 236,600 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its holdings in Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after acquiring an additional 181,125 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts have weighed in on RYTM shares. Guggenheim started coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. TD Cowen lifted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.09.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $877,500. This represents a 25.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the sale, the executive vice president now owns 972 shares in the company, valued at $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,830 shares of company stock worth $5,622,000 over the last quarter. 5.60% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Trading Down 0.7 %

NASDAQ:RYTM opened at $59.62 on Friday. Rhythm Pharmaceuticals, Inc. has a 1 year low of $35.17 and a 1 year high of $68.58. The stock has a 50-day moving average price of $57.72 and a two-hundred day moving average price of $51.08. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -13.77 and a beta of 2.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.76) EPS. Sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.34 earnings per share for the current year.

Rhythm Pharmaceuticals Profile

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alström syndrome.