Principal Financial Group Inc. Has $1.71 Million Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Principal Financial Group Inc. raised its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 241.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,586 shares of the company’s stock after buying an additional 23,054 shares during the period. Principal Financial Group Inc. owned 0.05% of Rhythm Pharmaceuticals worth $1,707,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RYTM. Castleark Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 1.3% during the 3rd quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after acquiring an additional 250 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after purchasing an additional 391 shares during the last quarter. ORG Wealth Partners LLC bought a new position in shares of Rhythm Pharmaceuticals in the third quarter valued at approximately $63,000. Quest Partners LLC lifted its stake in shares of Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after buying an additional 1,391 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Rhythm Pharmaceuticals by 3.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock worth $2,024,000 after buying an additional 1,667 shares during the period.

Insider Activity

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at $64,472.76. This trade represents a 98.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Pamela J. Cramer sold 4,688 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. The trade was a 25.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,830 shares of company stock worth $5,622,000. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RYTM shares. Oppenheimer started coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. JMP Securities restated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. The Goldman Sachs Group upped their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Bank of America raised their price target 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. Finally, TD Cowen boosted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $68.09.

Rhythm Pharmaceuticals Stock Down 0.7 %

Shares of RYTM opened at $59.62 on Friday. The company has a 50-day moving average price of $57.72 and a two-hundred day moving average price of $51.08. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -13.77 and a beta of 2.16. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter last year, the company earned ($0.76) EPS. Rhythm Pharmaceuticals’s revenue was up 47.6% on a year-over-year basis. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS 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.