Cannon Financial Strategists Inc. Acquires Shares of 10,000 Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Cannon Financial Strategists Inc. acquired a new stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $560,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RYTM. Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $28,000. R Squared Ltd acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $44,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after purchasing an additional 391 shares during the period. KBC Group NV grew its position in shares of Rhythm Pharmaceuticals by 78.2% in the fourth quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after purchasing an additional 988 shares during the period. Finally, Creative Planning acquired a new stake in shares of Rhythm Pharmaceuticals in the third quarter valued at about $450,000.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. JMP Securities restated a “market outperform” rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Finally, Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price target on the stock. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $68.09.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 1,815 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $56.39, for a total transaction of $102,347.85. Following the transaction, the executive vice president now directly owns 3,598 shares of the company’s stock, valued at $202,891.22. The trade was a 33.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph Shulman sold 1,281 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,778 shares of company stock valued at $985,408 over the last ninety days. Company insiders own 5.60% of the company’s stock.

Rhythm Pharmaceuticals Stock Up 1.5 %

Shares of RYTM stock opened at $57.55 on Wednesday. The firm’s 50-day moving average is $57.05 and its two-hundred day moving average is $53.74. Rhythm Pharmaceuticals, Inc. has a 12 month low of $35.17 and a 12 month high of $68.58.

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.