Man Group plc Acquires New Stake in Rhythm Pharmaceuticals, Inc. $RYTM

Man Group plc purchased a new position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 50,788 shares of the company’s stock, valued at approximately $5,639,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Jupiter Topco LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth $102,752,000. ADAR1 Capital Management LLC purchased a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth about $15,118,000. EFG International AG acquired a new stake in Rhythm Pharmaceuticals in the 2nd quarter valued at about $3,728,000. Primecap Management Co. CA acquired a new stake in Rhythm Pharmaceuticals in the 2nd quarter valued at about $351,838,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at about $5,263,000.

Rhythm Pharmaceuticals Stock Down 4.8%

RYTM opened at $107.17 on Friday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $74.50 and a 52 week high of $122.20. The business’s 50 day moving average is $109.78 and its two-hundred day moving average is $96.95. The firm has a market cap of $7.34 billion, a price-to-earnings ratio of -34.46 and a beta of 1.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business had revenue of $71.25 million during the quarter, compared to the consensus estimate of $67.66 million. During the same quarter in the prior year, the firm earned ($0.75) earnings per share. The business’s quarterly revenue was up 46.9% compared to the same quarter last year. Equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RYTM. TD Cowen reaffirmed a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, June 15th. JPMorgan Chase & Co. increased their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Finally, National Bank Financial set a $160.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Fifteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $141.12.

Insider Buying and Selling

In related news, EVP Jennifer Kayden Lee sold 75,834 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total value of $8,901,394.92. Following the sale, the executive vice president directly owned 54,233 shares in the company, valued at $6,365,869.54. The trade was a 58.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Joseph Shulman sold 5,079 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $119.75, for a total transaction of $608,210.25. Following the sale, the insider owned 15,915 shares in the company, valued at $1,905,821.25. The trade was a 24.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 182,676 shares of company stock worth $20,754,691 in the last three months. Company insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Company 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.