Bank of New York Mellon Corp Sells 7,782 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Bank of New York Mellon Corp lowered its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 2.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 293,298 shares of the company’s stock after selling 7,782 shares during the period. Bank of New York Mellon Corp’s holdings in Rhythm Pharmaceuticals were worth $25,508,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after acquiring an additional 200 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in Rhythm Pharmaceuticals by 73.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after acquiring an additional 145 shares in the last quarter. GAMMA Investing LLC increased its position in Rhythm Pharmaceuticals by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC increased its position in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after purchasing an additional 113 shares during the period. Finally, Osaic Holdings Inc. raised its holdings in Rhythm Pharmaceuticals by 65.9% in the 2nd quarter. Osaic Holdings Inc. now owns 979 shares of the company’s stock worth $62,000 after purchasing an additional 389 shares in the last quarter.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RYTM shares. TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Canaccord Genuity Group raised their price objective on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Royal Bank Of Canada lifted their price objective on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company increased their target price on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.73.

Rhythm Pharmaceuticals Stock Up 3.9%

Rhythm Pharmaceuticals stock opened at $106.13 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 52-week low of $74.50 and a 52-week high of $122.20. The company has a market cap of $7.27 billion, a P/E ratio of -33.91 and a beta of 1.88. The business has a 50-day simple moving average of $99.30 and a two-hundred day simple moving average of $95.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The company had revenue of $60.11 million during the quarter, compared to analyst estimates of $55.78 million. During the same period in the previous year, the business posted ($0.81) earnings per share. The firm’s quarterly revenue was up 83.8% compared to the same quarter last year. Research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.1 EPS for the current fiscal year.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.