First Turn Management LLC Makes New $15.66 Million Investment in Rhythm Pharmaceuticals, Inc. $RYTM

First Turn Management LLC purchased a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 146,303 shares of the company’s stock, valued at approximately $15,660,000. Rhythm Pharmaceuticals makes up about 1.8% of First Turn Management LLC’s portfolio, making the stock its 27th biggest holding. First Turn Management LLC owned 0.22% of Rhythm Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kennedy Capital Management LLC raised its position in Rhythm Pharmaceuticals by 0.8% during the fourth quarter. Kennedy Capital Management LLC now owns 39,887 shares of the company’s stock worth $4,270,000 after acquiring an additional 312 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after acquiring an additional 113 shares in the last quarter. Morgan Stanley raised its position in Rhythm Pharmaceuticals by 40.0% during the fourth quarter. Morgan Stanley now owns 651,402 shares of the company’s stock worth $69,726,000 after acquiring an additional 186,212 shares in the last quarter. First Trust Advisors LP raised its position in Rhythm Pharmaceuticals by 9.4% during the fourth quarter. First Trust Advisors LP now owns 88,505 shares of the company’s stock worth $9,474,000 after acquiring an additional 7,602 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Rhythm Pharmaceuticals during the fourth quarter worth $924,000.

Analysts Set New Price Targets

Several analysts have issued reports on RYTM shares. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $131.00 price target on shares of Rhythm Pharmaceuticals in a research note on Thursday, February 26th. Finally, Canaccord Genuity Group upped their price target on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $131.81.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $88.38 on Friday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $60.70 and a 52 week high of $122.20. The firm has a market cap of $6.06 billion, a P/E ratio of -28.24 and a beta of 1.91. The firm’s 50-day simple moving average is $87.96 and its 200 day simple moving average is $96.33.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business had revenue of $60.11 million for the quarter, compared to analyst estimates of $55.78 million. During the same quarter in the prior year, the business earned ($0.81) EPS. Rhythm Pharmaceuticals’s quarterly revenue was up 83.8% on a year-over-year basis. As a group, equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.07 earnings per share for the current year.

Rhythm Pharmaceuticals Profile

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.