Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 52-Week High at $54.88

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $54.88 and last traded at $53.61, with a volume of 155392 shares trading hands. The stock had previously closed at $53.17.

Analyst Ratings Changes

RYTM has been the topic of a number of recent research reports. HC Wainwright assumed coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday. They issued a "buy" rating and a $64.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. Finally, JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday. They set an "outperform" rating and a $64.00 price target for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.88.

Rhythm Pharmaceuticals Stock Performance

The business's 50 day moving average price is $47.73 and its 200-day moving average price is $42.92. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -11.59 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts' consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.79 million. During the same quarter last year, the business posted ($0.82) EPS. Rhythm Pharmaceuticals's quarterly revenue was up 51.3% compared to the same quarter last year. On average, analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 1,395 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the transaction, the insider now directly owns 31,735 shares in the company, valued at $1,556,919.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Pamela J. Cramer sold 1,395 shares of the firm's stock in a transaction on Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the transaction, the insider now directly owns 31,735 shares of the company's stock, valued at $1,556,919.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pamela J. Cramer sold 49,006 shares of the company's stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the completion of the sale, the insider now owns 13,500 shares of the company's stock, valued at approximately $609,525. The disclosure for this sale can be found here. Insiders sold a total of 95,282 shares of company stock valued at $4,550,639 in the last quarter. Insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its position in shares of Rhythm Pharmaceuticals by 62.6% in the 2nd 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 acquired a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter worth about $51,000. Quest Partners LLC raised its holdings in Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company's stock worth $68,000 after purchasing an additional 1,391 shares during the period. Quarry LP bought a new position in Rhythm Pharmaceuticals during the fourth quarter worth about $69,000. Finally, ZRC Wealth Management LLC increased its stake in Rhythm Pharmaceuticals by 392.8% during the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company's stock worth $85,000 after purchasing an additional 1,571 shares in the last quarter.

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.