Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading 6.1% Higher

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s share price shot up 6.1% on Tuesday . The stock traded as high as $52.67 and last traded at $52.53. 253,694 shares were traded during mid-day trading, a decline of 54% from the average session volume of 551,803 shares. The stock had previously closed at $49.52.

Wall Street Analyst Weigh In

RYTM has been the topic of several analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research note on Tuesday. They set an "outperform" rating and a $64.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $57.00.

Rhythm Pharmaceuticals Trading Up 7.4 %

The company's fifty day moving average is $47.73 and its two-hundred day moving average is $42.92. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of -11.48 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.79 million. During the same quarter in the previous year, the business earned ($0.82) EPS. The company's quarterly revenue was up 51.3% compared to the same quarter last year. Analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current year.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 10,468 shares of the firm's stock in a transaction that occurred 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 owns 30 shares of the company's stock, valued at $1,590. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Joseph Shulman sold 10,468 shares of the company's stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total transaction of $554,804.00. Following the sale, 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 is available through this link. Also, Director Lynn A. Tetrault sold 17,501 shares of the firm's stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now directly owns 3,000 shares of the company's stock, valued at approximately $148,950. The disclosure for this sale can be found here. Insiders have sold 95,282 shares of company stock worth $4,550,639 over the last three months. Company insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Large investors have recently bought and sold shares of the stock. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company's stock worth $27,000 after buying an additional 253 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $51,000. Quest Partners LLC raised its holdings in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company's stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Quarry LP purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $69,000. Finally, ZRC Wealth Management LLC grew its stake in shares of Rhythm Pharmaceuticals by 392.8% during the first 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.

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.