Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Up 2.4% - What's Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) was up 2.4% on Friday . The stock traded as high as $54.82 and last traded at $54.75. Approximately 112,627 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 510,100 shares. The stock had previously closed at $53.49.

Analyst Ratings Changes

Several equities research analysts recently commented on RYTM shares. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a "buy" rating and a $80.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. HC Wainwright restated a "buy" rating and set a $70.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, March 24th. JMP Securities reaffirmed a "market outperform" rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Finally, Morgan Stanley reissued an "overweight" rating and set a $72.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $69.46.

Rhythm Pharmaceuticals Price Performance

The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -11.55 and a beta of 2.30. The business has a fifty day moving average price of $55.22 and a 200 day moving average price of $55.14.

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

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now owns 2,657 shares of the company's stock, valued at approximately $157,905.51. This represents a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 635 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares of the company's stock, valued at $118,445.40. The trade was a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,131 shares of company stock worth $5,781,098 in the last quarter. Insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RYTM. SRS Capital Advisors Inc. raised its position in shares of Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock worth $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth $37,000. R Squared Ltd bought a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at $44,000. Finally, State of Wyoming bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth about $61,000.

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.