Hsbc Holdings PLC Invests $1.23 Million in Rhythm Pharmaceuticals, Inc. $RYTM

Hsbc Holdings PLC acquired a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the 1st quarter, HoldingsChannel reports. The institutional investor acquired 14,307 shares of the company’s stock, valued at approximately $1,225,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in Rhythm Pharmaceuticals by 73.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after purchasing an additional 145 shares in the last quarter. GAMMA Investing LLC increased its stake in Rhythm Pharmaceuticals by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after purchasing an additional 118 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 39.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after buying an additional 113 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Rhythm Pharmaceuticals by 328.9% in the fourth quarter. Covestor Ltd now owns 579 shares of the company’s stock worth $62,000 after buying an additional 444 shares during the last quarter.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the completion of the transaction, the director owned 7,000 shares in the company, valued at approximately $702,240. This trade represents a 84.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $106.13 on Tuesday. The company has a market capitalization of $7.27 billion, a P/E ratio of -33.91 and a beta of 1.88. Rhythm Pharmaceuticals, Inc. has a 12 month low of $74.50 and a 12 month high of $122.20. The firm’s fifty day simple moving average is $99.30 and its 200-day simple moving average is $95.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million during the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The firm’s revenue was up 83.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.81) earnings per share. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.1 earnings per share for the current year.

Analysts Set New Price Targets

RYTM has been the topic of several research reports. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Royal Bank Of Canada lifted their price target on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Finally, Wells Fargo & Company raised their price objective on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday, June 15th. Fifteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $138.73.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical?stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin?4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.