Hennion & Walsh Asset Management Inc. Sells 33,823 Shares of Rhythm Pharmaceuticals, Inc. $RYTM

Hennion & Walsh Asset Management Inc. decreased its holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 75.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,908 shares of the company’s stock after selling 33,823 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Rhythm Pharmaceuticals were worth $1,168,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RYTM. RA Capital Management L.P. raised its position in Rhythm Pharmaceuticals by 2.2% in the 3rd quarter. RA Capital Management L.P. now owns 5,681,359 shares of the company’s stock worth $573,760,000 after purchasing an additional 120,000 shares during the period. Vanguard Group Inc. boosted its position in Rhythm Pharmaceuticals by 39.2% during the third quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock valued at $504,589,000 after buying an additional 1,407,313 shares during the period. Federated Hermes Inc. grew its stake 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. JPMorgan Chase & Co. grew its stake in shares of Rhythm Pharmaceuticals by 51.6% during the third quarter. JPMorgan Chase & Co. now owns 1,188,069 shares of the company’s stock valued at $119,983,000 after buying an additional 404,510 shares during the last quarter. Finally, Alkeon Capital Management LLC increased its holdings 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 buying an additional 200,000 shares during the period.

Insiders Place Their Bets

In other news, CAO Christopher Paul German sold 5,614 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the sale, the chief accounting officer owned 160 shares of the company’s stock, valued at approximately $14,329.60. The trade was a 97.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total transaction of $444,025.10. Following the transaction, the chief financial officer owned 110,512 shares in the company, valued at $11,190,445.12. This represents a 3.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 27,267 shares of company stock worth $2,719,955. Insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $86.29 on Friday. The stock’s 50-day moving average is $94.96 and its 200 day moving average is $101.38. The company has a market cap of $5.89 billion, a PE ratio of -27.75 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 1 year low of $45.90 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.06. The business had revenue of $57.25 million during the quarter, compared to analysts’ expectations of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The business’s revenue was up 36.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.72) EPS. Analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada lowered their target price on Rhythm Pharmaceuticals from $140.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 17th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $125.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, March 3rd. Citizens Jmp lowered their price objective on Rhythm Pharmaceuticals from $176.00 to $152.00 and set a “market outperform” rating for the company in a research report on Tuesday, March 17th. Guggenheim increased their price objective on Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Canaccord Genuity Group cut their target price on shares of Rhythm Pharmaceuticals from $141.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $131.13.

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.