Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Up 7.9%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) shares traded up 7.9% during trading on Monday . The company traded as high as $49.80 and last traded at $49.76. 276,786 shares were traded during trading, a decline of 51% from the average session volume of 566,764 shares. The stock had previously closed at $46.12.

Wall Street Analysts Forecast Growth

RYTM has been the topic of several research analyst reports. Bank of America cut Rhythm Pharmaceuticals from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a "buy" rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. Finally, Canaccord Genuity Group decreased their price target on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a "buy" rating for the company in a research note on Wednesday, May 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $55.83.

Rhythm Pharmaceuticals Stock Performance

The stock's 50 day moving average is $45.43 and its 200 day moving average is $42.81. The company has a market capitalization of $3.05 billion, a PE ratio of -10.58 and a beta of 2.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating 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 analyst estimates of $28.79 million. During the same period in the previous year, the company posted ($0.82) EPS. The firm's revenue for the quarter was up 51.3% compared to the same quarter last year. On average, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.4 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the firm's stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the transaction, the insider now directly owns 30 shares of the company's stock, valued at approximately $1,590. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at $609,525. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Joseph Shulman sold 10,468 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the completion of the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,590. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,182 shares of company stock valued at $3,101,567. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 465.6% during the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company's stock valued at $99,024,000 after buying an additional 1,773,282 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Rhythm Pharmaceuticals by 381.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company's stock worth $31,659,000 after acquiring an additional 578,800 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock valued at $48,548,000 after purchasing an additional 326,865 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company's stock valued at $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Finally, Artisan Partners Limited Partnership purchased a new position in Rhythm Pharmaceuticals in the 4th quarter worth $12,477,000.

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.

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