Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Shares Bought by Alkeon Capital Management LLC

Alkeon Capital Management LLC grew its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 16.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,167,700 shares of the company’s stock after buying an additional 167,700 shares during the quarter. Alkeon Capital Management LLC’s holdings in Rhythm Pharmaceuticals were worth $61,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. CWM LLC increased its stake in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares during the period. ORG Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at approximately $63,000. Quest Partners LLC boosted its position in Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after buying an additional 1,391 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $62.25 on Friday. The company has a market capitalization of $3.83 billion, a P/E ratio of -14.38 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a 1 year low of $31.52 and a 1 year high of $68.58. The company’s fifty day moving average is $54.06 and its two-hundred day moving average is $47.79.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business’s revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.76) earnings per share. As a group, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.36 earnings per share for the current year.

Insider Activity

In related news, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at $675,405. This trade represents a 23.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Shulman sold 13,281 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,181 shares of company stock valued at $8,359,750. Company insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group reissued a “buy” rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. HC Wainwright reaffirmed a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday. Finally, Bank of America boosted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $62.30.

About Rhythm Pharmaceuticals

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.