State of New Jersey Common Pension Fund D Has $2.11 Million Stake in Rhythm Pharmaceuticals, Inc. $RYTM

State of New Jersey Common Pension Fund D lowered its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 31.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,919 shares of the company’s stock after selling 9,454 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rhythm Pharmaceuticals were worth $2,113,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of RYTM. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rhythm Pharmaceuticals by 4.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,568 shares of the company’s stock valued at $259,000 after purchasing an additional 110 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of Rhythm Pharmaceuticals by 0.7% in the second quarter. Captrust Financial Advisors now owns 17,471 shares of the company’s stock valued at $1,104,000 after buying an additional 114 shares during the period. Smartleaf Asset Management LLC raised its holdings in Rhythm Pharmaceuticals by 97.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock valued at $29,000 after buying an additional 141 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Rhythm Pharmaceuticals by 1.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 12,960 shares of the company’s stock worth $1,309,000 after buying an additional 188 shares during the period. Finally, California State Teachers Retirement System boosted its position in Rhythm Pharmaceuticals by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 42,917 shares of the company’s stock worth $2,712,000 after buying an additional 196 shares during the period.

Wall Street Analysts Forecast Growth

RYTM has been the subject of several recent research reports. Royal Bank Of Canada assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, February 18th. They issued an “outperform” rating and a $145.00 price target for the company. Oppenheimer cut shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $145.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Wall Street Zen downgraded Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Citigroup reiterated an “outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.50.

Insiders Place Their Bets

In other news, CFO Hunter C. Smith sold 4,385 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the sale, the chief financial officer directly owned 110,512 shares in the company, valued at $11,190,445.12. This trade represents a 3.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pamela J. Cramer sold 3,350 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $111.00, for a total value of $371,850.00. Following the completion of the sale, the insider directly owned 20,814 shares of the company’s stock, valued at $2,310,354. The trade was a 13.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 25,003 shares of company stock valued at $2,589,015 over the last 90 days. Corporate insiders own 6.10% of the company’s stock.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM opened at $98.65 on Wednesday. The stock has a market capitalization of $6.58 billion, a P/E ratio of -31.82 and a beta of 2.00. The business has a 50 day simple moving average of $104.81 and a 200 day simple moving average of $103.57. Rhythm Pharmaceuticals, Inc. has a one year low of $45.90 and a one year high of $122.20.

Rhythm Pharmaceuticals Profile

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.