Norges Bank Purchases New Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Norges Bank purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 205,649 shares of the company’s stock, valued at approximately $11,512,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in shares of Rhythm Pharmaceuticals by 224.3% in the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock valued at $14,811,000 after purchasing an additional 182,993 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $521,000. Sei Investments Co. boosted its holdings in shares of Rhythm Pharmaceuticals by 15.5% during the 4th quarter. Sei Investments Co. now owns 33,522 shares of the company’s stock valued at $1,877,000 after buying an additional 4,501 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $1,890,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Rhythm Pharmaceuticals by 18.5% in the 4th quarter. Teacher Retirement System of Texas now owns 13,586 shares of the company’s stock worth $761,000 after acquiring an additional 2,117 shares in the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the sale, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at approximately $2,078,247.60. The trade was a 65.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,131 shares of company stock valued at $5,781,098. Insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Stock Up 17.1 %

RYTM opened at $54.96 on Tuesday. Rhythm Pharmaceuticals, Inc. has a twelve month low of $35.17 and a twelve month high of $68.58. The firm has a 50 day moving average price of $54.55 and a 200-day moving average price of $55.09. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -12.69 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. As a group, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $70.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, March 24th. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective for the company. Stifel Nicolaus assumed coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 target price on the stock. Morgan Stanley restated an “overweight” rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Finally, Wells Fargo & Company lifted their price target on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Buy” and an average target price of $73.31.

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.