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

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

Analyst Ratings Changes

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

Rhythm Pharmaceuticals Price Performance

The firm’s 50-day simple moving average is $39.72 and its 200-day simple moving average is $42.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) 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 the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative return on equity of 179.26% and a negative net margin of 297.91%. The company’s revenue was up 126.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.92) EPS. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction on Thursday, May 9th. The shares were 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 of the company’s stock, valued at $1,154.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Perceptive Advisors LLC increased its position in shares of Rhythm Pharmaceuticals by 465.6% during the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock valued at $99,024,000 after acquiring an additional 1,773,282 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after buying an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after buying an additional 310,000 shares during the last quarter. Artisan Partners Limited Partnership purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $12,477,000. Finally, Polar Capital Holdings Plc lifted its position in shares of Rhythm Pharmaceuticals by 11.1% during 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 during 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.