TimesSquare Capital Management LLC trimmed its position in Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) by 24.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 556,290 shares of the company’s stock after selling 183,760 shares during the quarter. TimesSquare Capital Management LLC owned approximately 1.61% of Rhythm Pharmaceuticals worth $12,238,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of Rhythm Pharmaceuticals by 11.3% in the fourth quarter. Bank of New York Mellon Corp now owns 67,088 shares of the company’s stock valued at $1,804,000 after acquiring an additional 6,814 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Rhythm Pharmaceuticals during the fourth quarter worth about $1,447,000. Geode Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 30.2% during the fourth quarter. Geode Capital Management LLC now owns 233,894 shares of the company’s stock worth $6,287,000 after buying an additional 54,247 shares in the last quarter. Bank of America Corp DE boosted its holdings in Rhythm Pharmaceuticals by 116.3% during the fourth quarter. Bank of America Corp DE now owns 26,196 shares of the company’s stock worth $704,000 after buying an additional 14,085 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in Rhythm Pharmaceuticals by 424.0% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,020 shares of the company’s stock worth $135,000 after buying an additional 4,062 shares in the last quarter. Hedge funds and other institutional investors own 89.13% of the company’s stock.
RYTM traded up $0.72 during midday trading on Friday, reaching $20.60. 150,800 shares of the company’s stock were exchanged, compared to its average volume of 361,231. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.80 and a quick ratio of 7.80. The stock has a market capitalization of $686.16 million, a PE ratio of -8.62 and a beta of 0.77. The business’s 50-day moving average price is $20.73 and its 200 day moving average price is $25.25. Rhythm Pharmaceuticals Inc has a 1-year low of $18.00 and a 1-year high of $34.63.
A number of analysts recently commented on RYTM shares. Stifel Nicolaus reissued a “buy” rating and set a $34.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, July 29th. LADENBURG THALM/SH SH reissued a “buy” rating and set a $43.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, July 30th. ValuEngine raised shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. BidaskClub downgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 24th. Finally, Canaccord Genuity started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, July 8th. They set a “buy” rating and a $35.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Rhythm Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $38.67.
In other Rhythm Pharmaceuticals news, insider Der Ploeg Leonardus H.T. Van sold 10,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $25.21, for a total transaction of $252,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.45% of the company’s stock.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic disorders that result in life-threatening metabolic disorders. The company's lead product candidate is setmelanotide, a melanocortin-4 receptor agonist peptide, which is in Phase III clinical trials to treat pro-opiomelanocortin (POMC) and leptin receptor deficiency obesity, and Bardet-Biedl and Alström syndrome; and is in Phase II clinical trials for treating POMC heterozygous deficiency obesity and POMC epigenetic disorders.
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