Walleye Capital LLC Purchases Shares of 144,342 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Walleye Capital LLC purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 144,342 shares of the company’s stock, valued at approximately $8,080,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Barclays PLC raised its stake in Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock worth $5,574,000 after acquiring an additional 47,166 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after purchasing an additional 3,499 shares during the period. Franklin Resources Inc. raised its stake in shares of Rhythm Pharmaceuticals by 11.5% in the third quarter. Franklin Resources Inc. now owns 259,416 shares of the company’s stock worth $13,033,000 after purchasing an additional 26,739 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after purchasing an additional 23,054 shares during the last quarter. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $28,000.

Insider Activity

In other news, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Hunter C. Smith sold 1,678 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $99,723.54. Following the sale, the chief financial officer now owns 101,186 shares of the company’s stock, valued at $6,013,483.98. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,641 shares of company stock worth $8,112,177 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Trading Up 3.2 %

Shares of RYTM opened at $62.09 on Wednesday. The firm has a market cap of $3.93 billion, a P/E ratio of -14.34 and a beta of 2.32. The stock’s 50 day moving average is $54.55 and its two-hundred day moving average is $55.43. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The company had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RYTM. 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 target for the company. Bank of America raised shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 target price for the company in a report on Monday, April 7th. Canaccord Genuity Group upped their price target on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, April 8th. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.92.

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.