Wedge Capital Management L L P NC Cuts Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Wedge Capital Management L L P NC trimmed its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 26.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 76,507 shares of the company’s stock after selling 28,213 shares during the period. Wedge Capital Management L L P NC’s holdings in Rhythm Pharmaceuticals were worth $3,517,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Rhythm Pharmaceuticals by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,181 shares of the company’s stock worth $422,000 after buying an additional 406 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Rhythm Pharmaceuticals by 2.7% in the 3rd quarter. New York State Common Retirement Fund now owns 20,641 shares of the company’s stock worth $473,000 after buying an additional 541 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Rhythm Pharmaceuticals by 4.9% in the 3rd quarter. Teacher Retirement System of Texas now owns 12,916 shares of the company’s stock worth $296,000 after buying an additional 600 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Rhythm Pharmaceuticals by 91.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock worth $58,000 after buying an additional 600 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 95.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company’s stock worth $33,000 after buying an additional 713 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Wells Fargo & Company lowered their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, April 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, April 10th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Buy” and an average price target of $47.20.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 1,594 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $81,899.72. Following the completion of the transaction, the executive vice president now directly owns 7,702 shares in the company, valued at approximately $395,728.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO David P. Meeker sold 45,494 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total transaction of $1,784,274.68. Following the completion of the sale, the chief executive officer now owns 174,605 shares of the company’s stock, valued at $6,848,008.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Yann Mazabraud sold 1,594 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $81,899.72. Following the completion of the sale, the executive vice president now directly owns 7,702 shares of the company’s stock, valued at approximately $395,728.76. The disclosure for this sale can be found here. Insiders sold a total of 172,069 shares of company stock worth $7,626,355 in the last three months. Company insiders own 4.70% of the company’s stock.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $39.71 on Thursday. The firm has a 50-day simple moving average of $42.27 and a 200-day simple moving average of $38.67. Rhythm Pharmaceuticals, Inc. has a one year low of $15.50 and a one year high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, meeting the consensus estimate of ($0.70). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The business had revenue of $24.23 million for the quarter, compared to the consensus estimate of $25.38 million. During the same period in the prior year, the firm earned ($0.75) EPS. The business’s revenue for the quarter was up 175.7% on a year-over-year basis. On average, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.05 earnings per share for the current year.

Rhythm Pharmaceuticals Company Profile

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.