Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Down 4.6%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares dropped 4.6% during trading on Wednesday . The company traded as low as $40.62 and last traded at $40.79. Approximately 59,697 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 606,836 shares. The stock had previously closed at $42.75.

Wall Street Analyst Weigh In

Several research firms have issued reports on RYTM. Wells Fargo & Company dropped their price objective on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Canaccord Genuity Group reduced their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Bank of America downgraded shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. Finally, Needham & Company LLC reduced their price target on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.33.

Rhythm Pharmaceuticals Trading Up 0.7 %

The firm’s 50 day simple moving average is $39.66 and its two-hundred day simple moving average is $42.18.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). The business had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. Rhythm Pharmaceuticals’s quarterly revenue was up 126.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.92) EPS. On average, equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current year.

Insider Activity

In related news, insider Joseph Shulman sold 3,984 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total value of $153,264.48. Following the sale, the insider now owns 30 shares of the company’s stock, valued at approximately $1,154.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of RYTM. Perceptive Advisors LLC lifted its position in Rhythm Pharmaceuticals by 465.6% in the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock valued at $99,024,000 after purchasing an additional 1,773,282 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Rhythm Pharmaceuticals by 381.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after buying an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Rhythm Pharmaceuticals by 116.1% during the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after buying an additional 310,000 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $12,477,000. Finally, Polar Capital Holdings Plc grew its holdings in Rhythm Pharmaceuticals by 11.1% in the 3rd quarter. Polar Capital Holdings Plc now owns 2,500,000 shares of the company’s stock worth $57,312,000 after buying an additional 250,000 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.