State of New Jersey Common Pension Fund D Purchases Shares of 35,004 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

State of New Jersey Common Pension Fund D acquired a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,004 shares of the company’s stock, valued at approximately $1,960,000. State of New Jersey Common Pension Fund D owned approximately 0.06% of Rhythm Pharmaceuticals as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RYTM. Castleark Management LLC lifted its stake in Rhythm Pharmaceuticals by 1.3% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $44,000. Finally, KBC Group NV boosted its holdings in Rhythm Pharmaceuticals by 78.2% during the fourth quarter. KBC Group NV now owns 2,251 shares of the company’s stock worth $126,000 after purchasing an additional 988 shares during the last quarter.

Rhythm Pharmaceuticals Stock Down 2.5 %

RYTM opened at $54.66 on Tuesday. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58. The business has a 50 day moving average of $57.11 and a 200-day moving average of $54.18. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -12.62 and a beta of 2.14.

Insider Activity at Rhythm Pharmaceuticals

In other news, EVP Jennifer Kayden Lee sold 1,447 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $85,995.21. Following the completion of the sale, the executive vice president now owns 4,038 shares in the company, valued at $239,978.34. The trade was a 26.38 % 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 1,281 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,787 shares of company stock worth $1,901,443. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. 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. Oppenheimer started coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.09.

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.