Bayesian Capital Management LP Invests $665,000 in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Bayesian Capital Management LP purchased a new position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,355 shares of the company’s stock, valued at approximately $665,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Rhythm Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after buying an additional 77,208 shares during the last quarter. Perceptive Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 465.6% in the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after buying an additional 1,773,282 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Rhythm Pharmaceuticals by 381.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after buying an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Rhythm Pharmaceuticals by 116.1% in the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after buying an additional 310,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Rhythm Pharmaceuticals by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 397,685 shares of the company’s stock worth $18,282,000 after buying an additional 12,937 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $49.00 to $42.00 in a report on Wednesday, May 8th. Wells Fargo & Company dropped their price objective on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Canaccord Genuity Group lowered their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, Needham & Company LLC increased their price target on Rhythm Pharmaceuticals from $46.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.83.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,313 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, July 12th. The stock was sold at an average price of $50.01, for a total transaction of $265,703.13. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at $1,500.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 19,765 shares of company stock valued at $973,772. 5.60% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Stock Down 2.2 %

RYTM stock traded down $1.08 during midday trading on Tuesday, hitting $47.66. 276,727 shares of the company traded hands, compared to its average volume of 590,911. Rhythm Pharmaceuticals, Inc. has a twelve month low of $17.65 and a twelve month high of $53.92. The business has a 50 day simple moving average of $42.83 and a 200-day simple moving average of $42.57. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -10.53 and a beta of 2.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). The firm had revenue of $26.00 million during the quarter, compared to the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative return on equity of 179.26% and a negative net margin of 297.91%. The firm’s revenue for the quarter was up 126.1% compared to the same quarter last year. During the same period last year, the business earned ($0.92) earnings per share. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.45 EPS 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.