Ameriprise Financial Inc. Raises Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Ameriprise Financial Inc. raised its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 27.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 53,367 shares of the company’s stock after acquiring an additional 11,480 shares during the quarter. Ameriprise Financial Inc.’s holdings in Rhythm Pharmaceuticals were worth $2,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. SRS Capital Advisors Inc. grew its holdings in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after purchasing an additional 400 shares during the period. SBI Securities Co. Ltd. bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $37,000. R Squared Ltd bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $44,000. KBC Group NV grew its holdings in Rhythm Pharmaceuticals by 78.2% during the fourth quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after purchasing an additional 988 shares during the period. Finally, Freestone Capital Holdings LLC bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $207,000.

Rhythm Pharmaceuticals Price Performance

Rhythm Pharmaceuticals stock opened at $59.18 on Wednesday. The firm has a market capitalization of $3.77 billion, a P/E ratio of -13.67 and a beta of 2.36. Rhythm Pharmaceuticals, Inc. has a one year low of $35.17 and a one year high of $68.58. The business has a fifty day moving average price of $59.07 and a 200-day moving average price of $57.60.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The business had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals’s quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted ($2.35) EPS. Sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 20,760 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total transaction of $1,248,506.40. Following the completion of the sale, the insider now owns 19,209 shares of the company’s stock, valued at $1,155,229.26. The trade was a 51.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the sale, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at approximately $2,078,247.60. This trade represents a 65.01% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 127,630 shares of company stock valued at $7,107,346. Company insiders own 6.10% of the company’s stock.

Wall Street Analyst Weigh In

RYTM has been the subject of several research reports. Canaccord Genuity Group increased their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, April 8th. Bank of America raised Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Monday, April 7th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Stifel Nicolaus assumed coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price target for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $75.38.

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.