Teacher Retirement System of Texas Trims Stake in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Teacher Retirement System of Texas trimmed its position in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 8.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,404 shares of the company’s stock after selling 1,182 shares during the quarter. Teacher Retirement System of Texas’ holdings in Rhythm Pharmaceuticals were worth $657,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its stake in shares of Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after purchasing an additional 621,432 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after buying an additional 286,188 shares during the period. Norges Bank purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $11,512,000. JPMorgan Chase & Co. boosted its holdings in Rhythm Pharmaceuticals by 224.3% in the fourth quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock valued at $14,811,000 after acquiring an additional 182,993 shares during the last quarter. Finally, Stempoint Capital LP lifted its position in Rhythm Pharmaceuticals by 404.1% during the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company’s stock valued at $11,645,000 after buying an additional 166,748 shares in the last quarter.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Alastair Garfield sold 1,319 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total transaction of $85,484.39. Following the completion of the transaction, the insider directly owned 3,126 shares of the company’s stock, valued at $202,596.06. The trade was a 29.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Hunter C. Smith sold 42,120 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total value of $3,389,817.60. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares in the company, valued at $9,409,319.20. The trade was a 26.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,673 shares of company stock worth $7,118,510. 6.10% of the stock is owned by insiders.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $89.36 on Wednesday. The company has a 50 day moving average of $65.37 and a 200-day moving average of $59.75. The stock has a market cap of $5.69 billion, a price-to-earnings ratio of -31.80 and a beta of 2.26. Rhythm Pharmaceuticals, Inc. has a one year low of $40.61 and a one year high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). The business had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm’s revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($2.35) earnings per share. Equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on RYTM. Canaccord Genuity Group lifted their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, April 8th. Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an “outperform” rating and a $88.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research report on Wednesday, July 9th. Finally, Guggenheim reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Buy” and an average target price of $91.00.

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.