Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Up 6.1%

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

Analyst Upgrades and Downgrades

RYTM has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research report on Tuesday. They set an “outperform” rating and a $64.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.00.

Rhythm Pharmaceuticals Trading Up 8.0 %

The company has a fifty day moving average price of $47.57 and a two-hundred day moving average price of $42.86. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -11.66 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same quarter in the previous year, the company posted ($0.82) earnings per share. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $49.06, for a total transaction of $68,438.70. Following the completion of the sale, the insider now owns 31,735 shares in the company, valued at approximately $1,556,919.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the company’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 transaction, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Pamela J. Cramer sold 1,395 shares of the stock in a transaction that occurred on 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 Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after buying an additional 178,000 shares during the period. 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. Frazier Life Sciences Management L.P. increased its stake in Rhythm Pharmaceuticals by 8.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after purchasing an additional 181,125 shares during the period. Driehaus Capital Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after purchasing an additional 326,865 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Rhythm Pharmaceuticals by 381.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after purchasing an additional 578,800 shares during the period.

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.