Joseph Shulman Sells 5,079 Shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) insider Joseph Shulman sold 5,079 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $119.75, for a total transaction of $608,210.25. Following the transaction, the insider directly owned 15,915 shares of the company’s stock, valued at $1,905,821.25. The trade was a 24.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rhythm Pharmaceuticals Trading Down 0.2%

NASDAQ RYTM opened at $115.25 on Wednesday. The company has a 50-day moving average price of $106.57 and a two-hundred day moving average price of $96.56. Rhythm Pharmaceuticals, Inc. has a 52 week low of $74.50 and a 52 week high of $122.20. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of -37.06 and a beta of 1.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. The company had revenue of $71.25 million for the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The business’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.75) earnings per share. As a group, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RYTM shares. National Bank Financial set a $160.00 target price on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Citizens Jmp increased their price target on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Finally, Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Fifteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.44.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. M&T Bank Corp acquired a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth approximately $9,202,000. Jennison Associates LLC lifted its stake in Rhythm Pharmaceuticals by 123.2% during the fourth quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after purchasing an additional 507,017 shares during the last quarter. Zweig DiMenna Associates LLC acquired a new stake in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $8,734,000. Pictet Asset Management Holding SA lifted its stake in Rhythm Pharmaceuticals by 8.5% during the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock valued at $57,329,000 after purchasing an additional 52,383 shares during the last quarter. Finally, Orbimed Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 31.0% during the first quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock worth $27,317,000 after buying an additional 74,300 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.