Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Up 4.5%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price rose 4.5% during trading on Monday . The stock traded as high as $42.97 and last traded at $42.90. Approximately 70,579 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 608,062 shares. The stock had previously closed at $41.06.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RYTM shares. Wells Fargo & Company reduced their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th. Needham & Company LLC reduced their price target on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. Canaccord Genuity Group lowered their price objective on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Finally, Bank of America lowered Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their target price for the company from $49.00 to $42.00 in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $54.33.

Rhythm Pharmaceuticals Trading Down 0.8 %

The company has a 50 day simple moving average of $39.84 and a 200-day simple moving average of $42.19.

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

Insider Activity

In other news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total transaction of $153,264.48. Following the sale, the insider now directly owns 30 shares in the company, valued at approximately $1,154.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds have recently bought and sold shares of RYTM. AJOVista LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $42,000. Nisa Investment Advisors LLC raised its stake in Rhythm Pharmaceuticals by 91.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock valued at $58,000 after acquiring an additional 600 shares in the last quarter. Quarry LP acquired a new position in Rhythm Pharmaceuticals during the 4th quarter worth $69,000. ZRC Wealth Management LLC increased its holdings 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 valued at $85,000 after purchasing an additional 1,571 shares during the period. Finally, Whittier Trust Co. bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter valued at about $92,000.

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.