Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Down 8% - What's Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) shares fell 8% during mid-day trading on Wednesday . The stock traded as low as $53.24 and last traded at $53.10. 294,294 shares were traded during mid-day trading, a decline of 45% from the average session volume of 532,132 shares. The stock had previously closed at $57.73.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RYTM shares. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Wells Fargo & Company boosted their price target on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Canaccord Genuity Group raised their price objective on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. Finally, Morgan Stanley reissued an "overweight" rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $74.92.

Rhythm Pharmaceuticals Stock Up 1.0 %

The firm has a 50-day moving average price of $54.57 and a two-hundred day moving average price of $55.37. The company has a market capitalization of $3.80 billion, a P/E ratio of -13.89 and a beta of 2.32.

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Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. On average, analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 75,000 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares of the company's stock, valued at approximately $2,078,247.60. This trade represents a 65.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pamela J. Cramer sold 20,760 shares of the company's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.14, for a total transaction of $1,248,506.40. Following the completion of the sale, the insider now directly owns 19,209 shares in the company, valued at approximately $1,155,229.26. The trade was a 51.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 146,641 shares of company stock valued at $8,112,177 in the last quarter. Corporate insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. FMR LLC raised its stake in Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company's stock worth $2,635,000 after acquiring an additional 22,306 shares in the last quarter. Barclays PLC grew its holdings in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company's stock worth $5,574,000 after purchasing an additional 47,166 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company's stock valued at $65,824,000 after purchasing an additional 3,499 shares during the last quarter. Franklin Resources Inc. boosted its position in Rhythm Pharmaceuticals by 11.5% in the third quarter. Franklin Resources Inc. now owns 259,416 shares of the company's stock valued at $13,033,000 after buying an additional 26,739 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock valued at $1,707,000 after buying an additional 23,054 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.