Principal Financial Group Inc. Boosts Stock Holdings in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)

Principal Financial Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) by 0.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,156 shares of the company’s stock after acquiring an additional 272 shares during the period. Principal Financial Group Inc.’s holdings in Rhythm Pharmaceuticals were worth $1,968,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $72,000. Raymond James Financial Inc. purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $218,000. Xponance Inc. purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $233,000. Finally, Mariner LLC purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $254,000.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Alastair Garfield sold 1,319 shares of Rhythm Pharmaceuticals stock in a transaction dated 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 sale, the insider owned 3,126 shares in the company, valued at $202,596.06. This trade represents a 29.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the sale, the insider owned 19,209 shares of the company’s stock, valued at $1,481,590.17. The trade was a 44.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,673 shares of company stock worth $7,118,510 over the last ninety days. 6.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RYTM shares. Guggenheim reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. Wall Street Zen cut shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday. Wells Fargo & Company lifted their price objective on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.93.

Rhythm Pharmaceuticals Trading Down 1.6%

Rhythm Pharmaceuticals stock opened at $89.20 on Friday. Rhythm Pharmaceuticals, Inc. has a 12-month low of $40.61 and a 12-month high of $94.80. The firm has a 50-day moving average price of $67.14 and a 200-day moving average price of $60.44. The firm has a market capitalization of $5.67 billion, a PE ratio of -31.74 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The company had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. During the same quarter in the previous year, the business earned ($2.35) EPS. The company’s quarterly revenue was up 25.9% compared to the same quarter last year. As a group, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Rhythm Pharmaceuticals Company 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.