Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Down 3.8%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) fell 3.8% during mid-day trading on Wednesday . The company traded as low as $40.74 and last traded at $40.74. 252,539 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 607,611 shares. The stock had previously closed at $42.34.

Analysts Set New Price Targets

RYTM has been the topic of several analyst reports. Needham & Company LLC dropped their price target on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. Bank of America lowered Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $49.00 to $42.00 in a report on Wednesday, May 8th. Wells Fargo & Company decreased their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Thursday, April 18th. Finally, Canaccord Genuity Group dropped their price target on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $54.33.

Rhythm Pharmaceuticals Stock Performance

The firm’s 50-day simple moving average is $39.92 and its 200-day simple moving average is $42.17. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -8.81 and a beta of 2.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The firm had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. During the same quarter in the prior year, the firm earned ($0.92) earnings per share. The company’s revenue was up 126.1% on a year-over-year basis. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 3,984 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total value of $153,264.48. Following the sale, the insider now directly owns 30 shares in the company, valued at approximately $1,154.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate 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 added to or reduced their stakes in RYTM. AJOVista LLC bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $42,000. Nisa Investment Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 91.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock valued at $58,000 after purchasing an additional 600 shares during the last quarter. Quarry LP bought a new position in Rhythm Pharmaceuticals during the fourth quarter worth about $69,000. ZRC Wealth Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after acquiring an additional 1,571 shares during the last quarter. Finally, Whittier Trust Co. bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $92,000.

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.