Healthcare of Ontario Pension Plan Trust Fund Purchases 143,800 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Healthcare of Ontario Pension Plan Trust Fund grew its position in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 14.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,111,043 shares of the company’s stock after purchasing an additional 143,800 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 1.81% of Rhythm Pharmaceuticals worth $58,208,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. CWM LLC increased its position in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after acquiring an additional 253 shares during the period. ORG Partners LLC bought a new position in Rhythm Pharmaceuticals during the second quarter worth $51,000. ORG Wealth Partners LLC bought a new position in Rhythm Pharmaceuticals during the third quarter worth $63,000. Quest Partners LLC increased its position in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares during the period.

Analyst Ratings Changes

RYTM has been the topic of a number of research reports. Bank of America boosted their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday. Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, TD Cowen lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $61.95 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $31.52 and a 52 week high of $68.58. The company’s fifty day moving average is $53.73 and its 200-day moving average is $47.59. The company has a market capitalization of $3.81 billion, a PE ratio of -14.31 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the previous year, the company earned ($0.76) EPS. The firm’s revenue for the quarter was up 47.6% compared to the same quarter last year. On average, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.36 EPS for the current year.

Insider Activity

In related news, insider Pamela J. Cramer sold 4,099 shares of the company’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 transaction, the insider now owns 13,500 shares in the company, valued at $675,405. This represents a 23.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the transaction, the director now owns 3,000 shares in the company, valued at approximately $148,950. This trade represents a 85.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 138,181 shares of company stock worth $8,359,750. Corporate insiders own 5.60% of the company’s stock.

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.