Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading 6.1% Higher

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price was up 6.1% during trading on Tuesday . The stock traded as high as $52.67 and last traded at $52.53. 253,694 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 551,803 shares. The stock had previously closed at $49.52.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. JMP Securities began coverage on Rhythm Pharmaceuticals in a research report on Tuesday. They issued an “outperform” rating and a $64.00 price target on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Rhythm Pharmaceuticals Trading Up 8.0 %

The firm has a market cap of $3.26 billion, a PE ratio of -11.66 and a beta of 2.07. The business has a fifty day moving average price of $47.57 and a 200 day moving average price of $42.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating the consensus estimate of ($0.71) by $0.16. The company had revenue of $29.08 million for 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%. The firm’s revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.82) earnings per share. On average, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at $1,590. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the sale, the insider now owns 30 shares in the company, valued at $1,590. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Pamela J. Cramer sold 49,006 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 13,500 shares in the company, valued at $609,525. The disclosure for this sale can be found here. Insiders have sold 95,282 shares of company stock worth $4,550,639 in the last ninety days. 5.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC raised its stake in Rhythm Pharmaceuticals by 348.9% during the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after acquiring an additional 26,214 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in Rhythm Pharmaceuticals by 30.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 86,967 shares of the company’s stock valued at $3,768,000 after buying an additional 20,259 shares during the last quarter. Castleark Management LLC purchased a new position in Rhythm Pharmaceuticals in the 1st quarter valued at $2,769,000. Bayesian Capital Management LP acquired a new position in Rhythm Pharmaceuticals in the 1st quarter valued at $665,000. Finally, Vanguard Group Inc. raised its position in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after buying an additional 77,208 shares during 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.