Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) CEO David P. Meeker Sells 9,896 Shares

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CEO David P. Meeker sold 9,896 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $566,249.12. Following the transaction, the chief executive officer now directly owns 201,281 shares in the company, valued at $11,517,298.82. This trade represents a 4.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded down $1.67 during mid-day trading on Friday, hitting $56.07. 420,178 shares of the stock were exchanged, compared to its average volume of 463,964. The firm's 50-day simple moving average is $57.10 and its 200 day simple moving average is $53.89. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -12.95 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $35.17 and a fifty-two week high of $68.58.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. The Goldman Sachs Group increased their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. Needham & Company LLC reiterated a "buy" rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday. TD Cowen boosted their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. HC Wainwright restated a "buy" rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Finally, Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a "buy" rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $68.09.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its stake in shares of Rhythm Pharmaceuticals by 79.7% in the third quarter. FMR LLC now owns 50,295 shares of the company's stock valued at $2,635,000 after acquiring an additional 22,306 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 241.9% during the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock worth $1,707,000 after purchasing an additional 23,054 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Rhythm Pharmaceuticals by 307.1% during the third quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company's stock worth $756,000 after purchasing an additional 10,882 shares during the period. Creative Planning bought a new position in shares of Rhythm Pharmaceuticals during the third quarter worth approximately $450,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the third quarter valued at approximately $649,000.

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.