Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 17.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 12,375 shares of the company’s stock after selling 2,682 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Rhythm Pharmaceuticals were worth $693,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RYTM. Castleark Management LLC increased its position in shares of Rhythm Pharmaceuticals by 1.3% in the 3rd quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock worth $1,009,000 after purchasing an additional 250 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after buying an additional 391 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $28,000. ORG Wealth Partners LLC bought a new position in Rhythm Pharmaceuticals during the 3rd quarter worth approximately $63,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Rhythm Pharmaceuticals by 3.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock worth $2,024,000 after acquiring an additional 1,667 shares in the last quarter.

Rhythm Pharmaceuticals Stock Up 0.7 %

NASDAQ:RYTM opened at $57.19 on Thursday. The business’s 50-day moving average price is $57.45 and its 200 day moving average price is $52.89. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58. The firm has a market cap of $3.51 billion, a P/E ratio of -13.21 and a beta of 2.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. During the same quarter last year, the company posted ($0.76) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 47.6% on a year-over-year basis. Sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.33 EPS for the current year.

Analysts Set New Price Targets

RYTM has been the topic of several research reports. HC Wainwright reissued a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. Bank of America increased their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.09.

Insider Activity

In other news, insider Joseph Shulman sold 13,281 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Pamela J. Cramer sold 4,688 shares of the 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 sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. The trade was a 25.78 % decrease in their position. 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. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Company 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.