Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Up 6.1%

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) were up 6.1% during trading on Tuesday . The company traded as high as $52.67 and last traded at $52.53. Approximately 253,694 shares traded hands during trading, a decline of 54% from the average daily volume of 551,803 shares. The stock had previously closed at $49.52.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. HC Wainwright started coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday. They set a “buy” rating and a $64.00 price objective for the company. Finally, JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research report on Tuesday. They issued an “outperform” rating and a $64.00 target price on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.88.

Rhythm Pharmaceuticals Price Performance

The firm has a market cap of $3.27 billion, a P/E ratio of -11.59 and a beta of 2.07. The company’s 50-day moving average is $47.92 and its two-hundred day moving average is $43.00.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same quarter last year, the business posted ($0.82) EPS. The firm’s revenue for the quarter was up 51.3% on a year-over-year basis. On average, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.44 EPS for the current fiscal year.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,313 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $50.01, for a total value of $265,703.13. Following the transaction, the insider now owns 30 shares in the company, valued at $1,500.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the sale, the director now directly owns 3,000 shares in the company, valued at $150,030. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Joseph Shulman sold 5,313 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $50.01, for a total transaction of $265,703.13. Following the sale, the insider now owns 30 shares in the company, valued at $1,500.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,282 shares of company stock worth $4,550,639. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Perceptive Advisors LLC lifted its holdings in Rhythm Pharmaceuticals by 465.6% during the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after buying an additional 1,773,282 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Rhythm Pharmaceuticals by 381.2% in 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 acquiring an additional 578,800 shares during the last quarter. Driehaus Capital Management LLC increased its position in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after purchasing an additional 326,865 shares during the period. Canada Pension Plan Investment Board increased its position in Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after purchasing an additional 310,000 shares during the period. Finally, Artisan Partners Limited Partnership bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $12,477,000.

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.