Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board grew its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 116.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 577,000 shares of the company’s stock after acquiring an additional 310,000 shares during the period. Canada Pension Plan Investment Board owned about 0.95% of Rhythm Pharmaceuticals worth $25,001,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Nan Fung Group Holdings Ltd grew its stake in Rhythm Pharmaceuticals by 22.6% in the first quarter. Nan Fung Group Holdings Ltd now owns 49,120 shares of the company’s stock worth $2,128,000 after purchasing an additional 9,050 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Rhythm Pharmaceuticals by 381.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after purchasing an additional 578,800 shares in the last quarter. American International Group Inc. grew its stake in Rhythm Pharmaceuticals by 3.1% in the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after purchasing an additional 781 shares in the last quarter. National Bank of Canada FI grew its stake in Rhythm Pharmaceuticals by 53.8% in the first quarter. National Bank of Canada FI now owns 367,517 shares of the company’s stock worth $15,925,000 after purchasing an additional 128,517 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Rhythm Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after purchasing an additional 77,208 shares in the last quarter.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total value of $153,264.48. Following the transaction, the insider now owns 30 shares of the company’s stock, valued at $1,154.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 19,765 shares of company stock valued at $973,772 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM traded down $0.56 during mid-day trading on Friday, reaching $49.05. 295,204 shares of the company’s stock traded hands, compared to its average volume of 492,839. The business’s 50-day moving average price is $42.64 and its 200-day moving average price is $42.51. The stock has a market capitalization of $2.99 billion, a P/E ratio of -10.59 and a beta of 2.04. Rhythm Pharmaceuticals, Inc. has a 12 month low of $17.34 and a 12 month high of $53.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). The business had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The business’s quarterly revenue was up 126.1% on a year-over-year basis. During the same period last year, the firm posted ($0.92) EPS. Equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.45 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RYTM shares. Needham & Company LLC lifted their price target on Rhythm Pharmaceuticals from $46.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company decreased their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Thursday, April 18th. Canaccord Genuity Group decreased their target price on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Finally, Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their target price for the company from $49.00 to $42.00 in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.83.

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.