Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 1-Year High on Better-Than-Expected Earnings

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $56.16 and last traded at $56.03, with a volume of 469273 shares trading hands. The stock had previously closed at $52.99.

The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. During the same period last year, the company posted ($0.76) EPS. The business’s revenue was up 47.6% on a year-over-year basis.

Analysts Set New Price Targets

RYTM has been the subject of a number of recent analyst reports. Needham & Company LLC raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen lifted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright lifted their target price on Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday. Finally, JMP Securities began coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.30.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $609,525. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $157,200. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $609,525. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,857 shares of company stock worth $5,325,446. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RYTM. CWM LLC boosted its position in shares of Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after acquiring an additional 253 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter worth about $51,000. ORG Wealth Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter worth about $63,000. Quest Partners LLC boosted its position in shares of Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

The company has a 50-day moving average price of $50.25 and a 200-day moving average price of $45.46. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -14.37 and a beta of 2.09.

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.