Alkeon Capital Management LLC Acquires 167,700 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Alkeon Capital Management LLC raised its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 16.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,167,700 shares of the company’s stock after acquiring an additional 167,700 shares during the quarter. Alkeon Capital Management LLC owned approximately 1.90% of Rhythm Pharmaceuticals worth $61,176,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RYTM. Vanguard Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 2.4% during the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after buying an additional 77,208 shares during the period. American International Group Inc. raised its stake in shares of 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 during the last quarter. Harbor Capital Advisors Inc. lifted its stake in Rhythm Pharmaceuticals by 52.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 34,627 shares of the company’s stock valued at $1,422,000 after acquiring an additional 11,846 shares during the period. CWM LLC boosted its holdings in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Rhythm Pharmaceuticals by 348.9% in the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock worth $1,385,000 after buying an additional 26,214 shares during the last quarter.

Insider Activity at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 17,501 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $148,950. This represents a 85.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pamela J. Cramer sold 4,099 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at $675,405. This represents a 23.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 138,181 shares of company stock valued at $8,359,750. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $62.25 on Friday. The business has a fifty day moving average price of $54.06 and a 200 day moving average price of $47.79. Rhythm Pharmaceuticals, Inc. has a one year low of $31.52 and a one year high of $68.58. The company has a market cap of $3.83 billion, a P/E ratio of -14.38 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.76) earnings per share. As a group, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RYTM has been the topic of a number of analyst reports. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 price objective on the stock. TD Cowen raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. Bank of America raised their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $62.30.

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.