Cannon Financial Strategists Inc. Invests $560,000 in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Cannon Financial Strategists Inc. purchased a new stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $560,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. grew its holdings in Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after purchasing an additional 45,648 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after purchasing an additional 3,499 shares during the last quarter. Alkeon Capital Management LLC grew its holdings in Rhythm Pharmaceuticals by 16.8% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after purchasing an additional 167,700 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Rhythm Pharmaceuticals by 14.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company’s stock valued at $58,208,000 after purchasing an additional 143,800 shares during the last quarter. Finally, Loomis Sayles & Co. L P bought a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at about $33,353,000.

Insider Transactions at Rhythm Pharmaceuticals

In other news, CEO David P. Meeker sold 4,278 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $254,241.54. Following the sale, the chief executive officer now owns 189,927 shares in the company, valued at $11,287,361.61. This represents a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 4,189 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $58.91, for a total transaction of $246,773.99. Following the completion of the sale, the executive vice president now owns 4,409 shares in the company, valued at $259,734.19. The trade was a 48.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,778 shares of company stock worth $985,408 over the last 90 days. 5.60% of the stock is currently owned by company insiders.

Rhythm Pharmaceuticals Trading Up 1.5 %

NASDAQ:RYTM opened at $57.55 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $35.17 and a 1-year high of $68.58. The company’s fifty day moving average price is $57.05 and its 200-day moving average price is $53.74.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RYTM shares. HC Wainwright reissued a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Needham & Company LLC boosted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Jefferies Financial Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $68.09.

Rhythm Pharmaceuticals 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.