State of New Jersey Common Pension Fund D Sells 9,454 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

State of New Jersey Common Pension Fund D lessened its holdings in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 31.1% in the third quarter, HoldingsChannel.com reports. The firm owned 20,919 shares of the company’s stock after selling 9,454 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rhythm Pharmaceuticals were worth $2,113,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of RYTM. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 2.5% during the third quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after buying an additional 41,391 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in Rhythm Pharmaceuticals by 21.5% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company’s stock valued at $102,966,000 after purchasing an additional 288,376 shares during the last quarter. Geode Capital Management LLC increased its holdings in Rhythm Pharmaceuticals by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,311,253 shares of the company’s stock worth $82,868,000 after purchasing an additional 24,085 shares in the last quarter. Alkeon Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 24.5% in the second quarter. Alkeon Capital Management LLC now owns 1,017,700 shares of the company’s stock worth $64,308,000 after purchasing an additional 200,000 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Rhythm Pharmaceuticals by 445.5% in the second quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock worth $49,513,000 after purchasing an additional 639,919 shares during the last quarter.

Analyst Ratings Changes

RYTM has been the subject of several recent research reports. Wells Fargo & Company upped their price target on Rhythm Pharmaceuticals from $129.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. The Goldman Sachs Group increased their target price on shares of Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a report on Friday, December 12th. Royal Bank Of Canada began coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, February 18th. They set an “outperform” rating and a $145.00 price target on the stock. Oppenheimer downgraded shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 5th. Finally, UBS Group reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $131.50.

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 3,350 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $111.00, for a total value of $371,850.00. Following the transaction, the insider owned 20,814 shares in the company, valued at approximately $2,310,354. This represents a 13.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the transaction, the chief financial officer directly owned 110,512 shares of the company’s stock, valued at approximately $11,190,445.12. This trade represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 25,003 shares of company stock worth $2,589,015 in the last ninety days. 6.10% of the stock is currently owned by insiders.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $98.65 on Wednesday. The company has a market capitalization of $6.58 billion, a PE ratio of -31.82 and a beta of 2.00. Rhythm Pharmaceuticals, Inc. has a 52-week low of $45.90 and a 52-week high of $122.20. The company has a 50-day simple moving average of $104.81 and a 200 day simple moving average of $103.57.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.