Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 12-Month High at $54.88

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $54.88 and last traded at $53.61, with a volume of 155392 shares. The stock had previously closed at $53.17.

Wall Street Analysts Forecast Growth

RYTM has been the subject of several recent analyst reports. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday. They set an “outperform” rating and a $64.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. Finally, HC Wainwright began coverage on Rhythm Pharmaceuticals in a research report on Wednesday. They set a “buy” rating and a $64.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.88.

Rhythm Pharmaceuticals Stock Up 1.4 %

The company’s 50-day moving average price is $47.73 and its 200-day moving average price is $42.92. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -11.48 and a beta of 2.07.

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

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 1,395 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $49.06, for a total transaction of $68,438.70. Following the transaction, the insider now directly owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $609,525. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Pamela J. Cramer sold 1,395 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the transaction, the insider now directly owns 31,735 shares of the company’s stock, valued at approximately $1,556,919.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,282 shares of company stock valued at $4,550,639. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in RYTM. SG Americas Securities LLC raised its position in Rhythm Pharmaceuticals by 348.9% in the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after purchasing an additional 26,214 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Rhythm Pharmaceuticals by 30.4% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 86,967 shares of the company’s stock worth $3,768,000 after acquiring an additional 20,259 shares in the last quarter. Castleark Management LLC purchased a new position in Rhythm Pharmaceuticals during the 1st quarter valued at about $2,769,000. Bayesian Capital Management LP purchased a new position in Rhythm Pharmaceuticals during the 1st quarter valued at about $665,000. Finally, Vanguard Group Inc. grew its position in Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after acquiring an additional 77,208 shares in the last quarter.

About Rhythm Pharmaceuticals

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.