Checkpoint Capital L.P. Decreases Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Checkpoint Capital L.P. lessened its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 28.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 663,381 shares of the company’s stock after selling 258,719 shares during the quarter. Rhythm Pharmaceuticals comprises 17.2% of Checkpoint Capital L.P.’s investment portfolio, making the stock its 2nd biggest position. Checkpoint Capital L.P.’s holdings in Rhythm Pharmaceuticals were worth $34,755,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of RYTM. SG Americas Securities LLC raised its position in shares of Rhythm Pharmaceuticals by 348.9% in the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after buying an additional 26,214 shares in the last quarter. Principal Financial Group Inc. increased its stake in Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after acquiring an additional 23,054 shares during the last quarter. Frazier Life Sciences Management L.P. increased its stake in Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after acquiring an additional 181,125 shares during the last quarter. Creative Planning acquired a new position in Rhythm Pharmaceuticals during the third quarter valued at approximately $450,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after purchasing an additional 236,600 shares during the last quarter.

Insider Activity

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

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $62.04 on Monday. The stock has a market cap of $3.81 billion, a P/E ratio of -14.33 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 52-week low of $32.22 and a 52-week high of $68.58. The firm has a 50 day moving average price of $54.24 and a two-hundred day moving average price of $48.05.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RYTM. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, November 25th. Bank of America lifted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $62.30.

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.