Principal Financial Group Inc. Purchases 4,298 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Principal Financial Group Inc. boosted its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 13.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,884 shares of the company’s stock after acquiring an additional 4,298 shares during the period. Principal Financial Group Inc. owned 0.06% of Rhythm Pharmaceuticals worth $2,065,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P bought a new stake in shares of Rhythm Pharmaceuticals during the third quarter valued at approximately $33,353,000. Alkeon Capital Management LLC raised its position in shares of Rhythm Pharmaceuticals by 16.8% during the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after buying an additional 167,700 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Rhythm Pharmaceuticals by 14.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company’s stock valued at $58,208,000 after buying an additional 143,800 shares during the last quarter. Barclays PLC grew its holdings in shares of Rhythm Pharmaceuticals by 79.6% in the third quarter. Barclays PLC now owns 106,397 shares of the company’s stock valued at $5,574,000 after purchasing an additional 47,166 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. grew its holdings in shares of Rhythm Pharmaceuticals by 1.9% in the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after purchasing an additional 45,648 shares in the last quarter.

Rhythm Pharmaceuticals Trading Down 0.5 %

Shares of RYTM opened at $52.97 on Thursday. The firm has a market capitalization of $3.26 billion, a P/E ratio of -12.23 and a beta of 2.30. Rhythm Pharmaceuticals, Inc. has a 12-month low of $35.17 and a 12-month high of $68.58. The firm has a fifty day moving average price of $56.79 and a 200-day moving average price of $54.48.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The company had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RYTM. Needham & Company LLC reissued a “buy” rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday, February 27th. TD Cowen raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Stifel Nicolaus began coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday. They issued a “buy” rating and a $78.00 target price for the company. Finally, Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $69.08.

Insider Activity

In related news, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. The trade was a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Hunter C. Smith sold 1,678 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $99,723.54. Following the completion of the sale, the chief financial officer now owns 101,186 shares of the company’s stock, valued at $6,013,483.98. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is currently owned by company insiders.

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.