Nicholas Investment Partners LP Takes Position in Rhythm Pharmaceuticals, Inc. $RYTM

Nicholas Investment Partners LP bought a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 34,710 shares of the company’s stock, valued at approximately $3,715,000. Nicholas Investment Partners LP owned 0.05% of Rhythm Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. First Turn Management LLC purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at $15,660,000. Kennedy Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 0.8% in the fourth quarter. Kennedy Capital Management LLC now owns 39,887 shares of the company’s stock valued at $4,270,000 after purchasing an additional 312 shares during the period. Smartleaf Asset Management LLC boosted its stake 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 valued at $43,000 after purchasing an additional 113 shares during the period. Morgan Stanley boosted its stake in shares of Rhythm Pharmaceuticals by 40.0% in the fourth quarter. Morgan Stanley now owns 651,402 shares of the company’s stock valued at $69,726,000 after purchasing an additional 186,212 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Rhythm Pharmaceuticals by 9.4% in the fourth quarter. First Trust Advisors LP now owns 88,505 shares of the company’s stock valued at $9,474,000 after purchasing an additional 7,602 shares during the period.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Rhythm Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Citizens Jmp reduced their price objective on shares of Rhythm Pharmaceuticals from $176.00 to $152.00 and set a “market outperform” rating on the stock in a research note on Tuesday, March 17th. Bank of America reduced their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating on the stock in a research note on Tuesday, March 17th. Finally, Stifel Nicolaus set a $131.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $131.81.

Rhythm Pharmaceuticals Stock Up 0.8%

RYTM stock opened at $88.38 on Friday. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $122.20. The firm’s 50-day simple moving average is $87.96 and its 200 day simple moving average is $96.33. The stock has a market cap of $6.06 billion, a PE ratio of -28.24 and a beta of 1.91.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business had revenue of $60.11 million for the quarter, compared to analysts’ expectations of $55.78 million. During the same quarter last year, the company earned ($0.81) EPS. The company’s revenue for the quarter was up 83.8% compared to the same quarter last year. Equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -3.07 EPS for the current fiscal year.

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.