Victory Capital Management Inc. Purchases 11,137 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Victory Capital Management Inc. grew its stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 158.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,186 shares of the company’s stock after buying an additional 11,137 shares during the period. Victory Capital Management Inc.’s holdings in Rhythm Pharmaceuticals were worth $953,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CWM LLC grew its stake in Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares in the last quarter. ORG Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $63,000. Quest Partners LLC boosted its stake in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after purchasing an additional 391 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $62.25 on Thursday. The firm has a market cap of $3.83 billion, a P/E ratio of -14.31 and a beta of 2.09. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $31.52 and a fifty-two week high of $68.58. The firm has a 50-day simple moving average of $53.73 and a two-hundred day simple moving average of $47.59.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals’s revenue was up 47.6% compared to the same quarter last year. During the same period last year, the business earned ($0.76) EPS. On average, equities research analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RYTM shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Needham & Company LLC upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective for the company. Finally, TD Cowen upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.30.

Insider Activity

In other news, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the sale, the executive vice president now owns 972 shares of the company’s stock, valued at $64,472.76. This trade represents a 98.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total transaction of $205,072.97. Following the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $675,405. The trade was a 23.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 138,181 shares of company stock valued at $8,359,750 in the last 90 days. 5.60% of the stock is currently owned by insiders.

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.