The Manufacturers Life Insurance Company Sells 588 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

The Manufacturers Life Insurance Company lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 1.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 48,703 shares of the company’s stock after selling 588 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Rhythm Pharmaceuticals worth $2,552,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in RYTM. Loomis Sayles & Co. L P bought a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at $33,353,000. Penserra Capital Management LLC bought a new stake in shares of Rhythm Pharmaceuticals in the third quarter worth about $1,313,000. Charles Schwab Investment Management Inc. raised its position in shares of Rhythm Pharmaceuticals by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company’s stock worth $22,730,000 after purchasing an additional 5,908 shares during the period. Intech Investment Management LLC bought a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter valued at about $649,000. Finally, Quest Partners LLC grew its position in shares of Rhythm Pharmaceuticals by 451.6% in the 3rd quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock valued at $480,000 after purchasing an additional 7,505 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RYTM shares. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price on the stock. TD Cowen boosted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Bank of America boosted their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.70.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,688 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at $877,500. The trade was a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Joseph Shulman sold 13,281 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 134,082 shares of company stock worth $8,154,677. Company insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Trading Up 1.9 %

NASDAQ:RYTM opened at $58.89 on Monday. The firm has a fifty day simple moving average of $55.06 and a 200 day simple moving average of $48.80. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58. The stock has a market capitalization of $3.62 billion, a PE ratio of -13.60 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. During the same period in the previous year, the business earned ($0.76) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 47.6% compared to the same quarter last year. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current fiscal year.

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.