Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Down 4%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price fell 4% during mid-day trading on Wednesday . The stock traded as low as $49.69 and last traded at $49.69. 42,804 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 550,414 shares. The stock had previously closed at $51.77.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RYTM shares. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. HC Wainwright started coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, September 18th. They set a “buy” rating and a $64.00 price target on the stock. Finally, 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. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.88.

Rhythm Pharmaceuticals Trading Down 1.2 %

The company has a market cap of $3.13 billion, a price-to-earnings ratio of -11.18 and a beta of 2.07. The stock’s 50 day moving average price is $48.23 and its 200 day moving average price is $43.72.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. Rhythm Pharmaceuticals’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.82) earnings per share. On average, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Pamela J. Cramer sold 1,395 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the sale, the insider now owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares in the company, valued at approximately $609,525. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,033 shares of company stock valued at $6,214,392. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RYTM. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after purchasing an additional 236,600 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 5.4% during the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after buying an additional 178,000 shares during the period. Algert Global LLC lifted its position in Rhythm Pharmaceuticals by 50.8% during the 2nd quarter. Algert Global LLC now owns 104,132 shares of the company’s stock worth $4,276,000 after acquiring an additional 35,084 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after acquiring an additional 181,125 shares during the period. Finally, Driehaus Capital Management LLC grew its position in Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 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.