Cibc World Markets Corp Makes New Investment in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Cibc World Markets Corp purchased a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 5,123 shares of the company’s stock, valued at approximately $287,000.

A number of other large investors also recently made changes to their positions in the stock. Loomis Sayles & Co. L P acquired a new stake in shares of Rhythm Pharmaceuticals during the third quarter worth $33,353,000. Alkeon Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 16.8% during the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock worth $61,176,000 after buying an additional 167,700 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Rhythm Pharmaceuticals by 14.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company’s stock worth $58,208,000 after buying an additional 143,800 shares during the period. Barclays PLC increased its stake in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock valued at $5,574,000 after acquiring an additional 47,166 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. raised its position in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after acquiring an additional 45,648 shares during the period.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals 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 completion of the transaction, the chief accounting officer now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Shulman sold 1,281 shares of the company’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 $76,129.83. Following the sale, the insider now owns 2,657 shares in the company, valued at approximately $157,905.51. This represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,131 shares of company stock worth $5,781,098. Insiders own 5.60% of the company’s stock.

Analyst Upgrades and Downgrades

RYTM has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $70.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday. Canaccord Genuity Group boosted their price target on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus started coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price objective for the company. Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Finally, Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.46.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $52.91 on Wednesday. The firm has a market cap of $3.35 billion, a PE ratio of -12.22 and a beta of 2.30. The business’s 50 day simple moving average is $55.28 and its 200 day simple moving average is $54.99. Rhythm Pharmaceuticals, Inc. has a 52-week low of $35.17 and a 52-week high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. As a group, equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

About Rhythm Pharmaceuticals

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.