Driehaus Capital Management LLC Raises Stock Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Driehaus Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 38.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,182,370 shares of the company’s stock after acquiring an additional 326,865 shares during the period. Driehaus Capital Management LLC owned approximately 1.93% of Rhythm Pharmaceuticals worth $48,548,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RYTM. Perceptive Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 465.6% in the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock valued at $99,024,000 after purchasing an additional 1,773,282 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Rhythm Pharmaceuticals by 381.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after acquiring an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Rhythm Pharmaceuticals by 116.1% in the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after acquiring an additional 310,000 shares during the last quarter. Candriam S.C.A. purchased a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $11,143,000. Finally, Nisa Investment Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 157.7% in the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock valued at $15,371,000 after buying an additional 229,056 shares during the last quarter.

Wall Street Analyst Weigh In

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

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 1,395 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the sale, the insider now owns 31,735 shares in the company, valued at approximately $1,556,919.10. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Pamela J. Cramer sold 49,006 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $609,525. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the sale, the insider now directly owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The disclosure for this sale can be found here. Insiders sold 127,033 shares of company stock valued at $6,214,392 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Trading Up 0.4 %

Shares of RYTM stock opened at $51.35 on Friday. Rhythm Pharmaceuticals, Inc. has a twelve month low of $20.97 and a twelve month high of $55.64. The firm has a fifty day simple moving average of $48.14 and a 200-day simple moving average of $43.50. The company has a market capitalization of $3.14 billion, a PE ratio of -11.09 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same quarter in the previous year, the company posted ($0.82) earnings per share. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. Equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.43 EPS for the current year.

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.