Rhythm Pharmaceuticals (NASDAQ:RYTM) Sees Unusually-High Trading Volume - Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) shares saw an uptick in trading volume on Monday . 507,031 shares traded hands during mid-day trading, a decline of 7% from the previous session's volume of 548,081 shares.The stock last traded at $55.29 and had previously closed at $56.12.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RYTM shares. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday. They set an "outperform" rating and a $76.00 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, December 5th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $66.90.

Rhythm Pharmaceuticals Trading Down 0.1 %

The business has a fifty day moving average price of $56.51 and a two-hundred day moving average price of $50.25. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -12.94 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the prior year, the firm earned ($0.76) EPS. The company's revenue was up 47.6% compared to the same quarter last year. On average, analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.34 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares of the company's stock, valued at $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of the company's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $65.00, for a total value of $304,720.00. Following the sale, the insider now owns 13,500 shares of the company's stock, valued at approximately $877,500. This trade represents a 25.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,830 shares of company stock valued at $5,622,000 in the last three months. Insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. Loomis Sayles & Co. L P bought a new position in Rhythm Pharmaceuticals in the 3rd quarter worth $33,353,000. Driehaus Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock worth $48,548,000 after purchasing an additional 326,865 shares during the period. Candriam S.C.A. acquired a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter worth about $11,143,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Rhythm Pharmaceuticals by 32.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock valued at $39,715,000 after purchasing an additional 236,600 shares during the period. Finally, Frazier Life Sciences Management L.P. increased its position in Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock worth $97,366,000 after buying an additional 181,125 shares during the period.

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.