Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lowered its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 27.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 417,000 shares of the company’s stock after selling 160,000 shares during the period. Canada Pension Plan Investment Board owned 0.68% of Rhythm Pharmaceuticals worth $17,122,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 397,685 shares of the company’s stock worth $18,282,000 after purchasing an additional 12,937 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $234,000. Artisan Partners Limited Partnership acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $12,477,000. TD Asset Management Inc purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth $1,738,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $494,000.

Rhythm Pharmaceuticals Trading Down 3.3 %

Shares of RYTM stock opened at $51.06 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 12-month low of $20.97 and a 12-month high of $55.64. The business’s 50 day moving average is $48.12 and its two-hundred day moving average is $43.25. The company has a market capitalization of $3.11 billion, a P/E ratio of -11.03 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.82) EPS. On average, research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Joseph Shulman sold 5,313 shares of the company’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $50.01, for a total transaction of $265,703.13. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at approximately $1,500.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Joseph Shulman sold 5,313 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $50.01, for a total value of $265,703.13. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,500.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. The disclosure for this sale can be found here. Insiders have sold a total of 127,033 shares of company stock worth $6,214,392 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. HC Wainwright initiated coverage on Rhythm Pharmaceuticals in a research note on Wednesday, September 18th. They set a “buy” rating and a $64.00 price objective for the company. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.88.

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.