Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Up 2.4% – What’s Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price rose 2.4% during mid-day trading on Friday . The company traded as high as $54.82 and last traded at $54.75. Approximately 112,627 shares traded hands during trading, a decline of 78% from the average daily volume of 510,100 shares. The stock had previously closed at $53.49.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RYTM. Morgan Stanley reissued an “overweight” rating and issued a $72.00 target price on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Canaccord Genuity Group raised their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 target price for the company. JMP Securities reissued a “market outperform” rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Finally, Oppenheimer started coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $69.46.

Rhythm Pharmaceuticals Stock Performance

The firm has a market capitalization of $3.46 billion, a PE ratio of -12.66 and a beta of 2.30. The company has a fifty day moving average price of $55.25 and a 200-day moving average price of $55.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at $118,445.40. This represents a 23.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the sale, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at $2,078,247.60. This represents a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. SRS Capital Advisors Inc. increased its holdings in Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. bought a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $28,000. SBI Securities Co. Ltd. purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter valued at $37,000. R Squared Ltd bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $44,000. Finally, State of Wyoming bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth about $61,000.

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.