Bank of New York Mellon Corp Sells 680 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Bank of New York Mellon Corp trimmed its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 0.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 148,246 shares of the company’s stock after selling 680 shares during the quarter. Bank of New York Mellon Corp owned about 0.24% of Rhythm Pharmaceuticals worth $8,299,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Raleigh Capital Management Inc. acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $28,000. R Squared Ltd acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $44,000. KBC Group NV raised its holdings in shares of Rhythm Pharmaceuticals by 78.2% during the 4th quarter. KBC Group NV now owns 2,251 shares of the company’s stock worth $126,000 after buying an additional 988 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $328,000. Finally, Quest Partners LLC raised its holdings in shares of Rhythm Pharmaceuticals by 451.6% during the 3rd quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock worth $480,000 after buying an additional 7,505 shares in the last quarter.

Insider Activity

In related news, insider Joseph Shulman sold 794 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $45,662.94. Following the sale, the insider now owns 6 shares in the company, valued at $345.06. This represents a 99.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher Paul German sold 635 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,787 shares of company stock valued at $1,901,443. Company insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Trading Up 1.5 %

Shares of RYTM stock opened at $50.97 on Friday. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -11.77 and a beta of 2.30. The stock has a 50-day moving average of $55.97 and a 200-day moving average of $54.61. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Canaccord Genuity Group boosted their price target on Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Jefferies Financial Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target for the company. HC Wainwright upped their target price on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday, February 27th. Finally, Oppenheimer started coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.31.

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.