Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTMGet Rating) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,225 shares of the company’s stock, valued at approximately $47,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Amalgamated Bank acquired a new position in Rhythm Pharmaceuticals in the 1st quarter worth approximately $61,000. Arizona State Retirement System acquired a new position in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $42,000. Mirabella Financial Services LLP acquired a new position in Rhythm Pharmaceuticals in the 1st quarter worth approximately $121,000. Chicago Partners Investment Group LLC acquired a new position in Rhythm Pharmaceuticals in the 1st quarter worth approximately $39,000. Finally, Jane Street Group LLC acquired a new position in Rhythm Pharmaceuticals in the 1st quarter worth approximately $218,000. 90.60% of the stock is owned by hedge funds and other institutional investors.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $26.34 on Monday. The company’s fifty day moving average price is $24.01 and its 200 day moving average price is $14.97. Rhythm Pharmaceuticals, Inc. has a 1 year low of $3.04 and a 1 year high of $30.98. The stock has a market capitalization of $1.48 billion, a P/E ratio of -7.36 and a beta of 1.98.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Bank of America raised shares of Rhythm Pharmaceuticals from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $8.00 to $20.00 in a research note on Friday, August 5th. Stifel Nicolaus raised their price objective on shares of Rhythm Pharmaceuticals from $25.00 to $37.00 in a research note on Wednesday, July 20th. Morgan Stanley raised their price objective on shares of Rhythm Pharmaceuticals from $16.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 9th. Wells Fargo & Company raised their price objective on shares of Rhythm Pharmaceuticals from $22.00 to $35.00 in a research note on Tuesday, August 2nd. Finally, The Goldman Sachs Group raised their price objective on shares of Rhythm Pharmaceuticals from $31.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 13,493 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $24.83, for a total value of $335,031.19. Following the transaction, the insider now owns 2,224 shares in the company, valued at approximately $55,221.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.80% of the stock is owned by corporate insiders.

Rhythm Pharmaceuticals Company Profile

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Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.

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Institutional Ownership by Quarter for Rhythm Pharmaceuticals (NASDAQ:RYTM)

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