Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Up 10.9% – Here’s What Happened

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares rose 10.9% during trading on Tuesday . The company traded as high as $81.69 and last traded at $85.6350. Approximately 42,206 shares changed hands during trading, a decline of 95% from the average daily volume of 800,525 shares. The stock had previously closed at $77.25.

Analyst Ratings Changes

RYTM has been the topic of several research analyst reports. Canaccord Genuity Group cut their price objective on Rhythm Pharmaceuticals from $141.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. UBS Group reaffirmed a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 17th. Citizens Jmp lowered their target price on Rhythm Pharmaceuticals from $176.00 to $152.00 and set a “market outperform” rating on the stock in a research note on Tuesday, March 17th. Royal Bank Of Canada cut their price target on shares of Rhythm Pharmaceuticals from $140.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, March 17th. Finally, Morgan Stanley decreased their price objective on shares of Rhythm Pharmaceuticals from $150.00 to $136.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $131.13.

Rhythm Pharmaceuticals Stock Up 11.3%

The stock has a 50-day simple moving average of $96.07 and a 200-day simple moving average of $101.65. The firm has a market capitalization of $5.87 billion, a PE ratio of -27.53 and a beta of 2.06.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.06. The firm had revenue of $57.25 million for the quarter, compared to analysts’ expectations of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The business’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.72) EPS. Equities analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 4,385 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the transaction, the chief financial officer owned 110,512 shares in the company, valued at $11,190,445.12. This trade represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Christopher Paul German sold 5,614 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total transaction of $502,789.84. Following the completion of the sale, the chief accounting officer directly owned 160 shares in the company, valued at approximately $14,329.60. This trade represents a 97.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 27,267 shares of company stock worth $2,719,955 over the last 90 days. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 956.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 13,254 shares of the company’s stock valued at $1,339,000 after acquiring an additional 12,000 shares during the period. EFG Asset Management North America Corp. bought a new position in shares of Rhythm Pharmaceuticals in the third quarter worth $2,047,000. Penserra Capital Management LLC bought a new position in shares of Rhythm Pharmaceuticals in the third quarter worth $3,073,000. Hillsdale Investment Management Inc. purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter valued at $4,302,000. Finally, Norges Bank purchased a new position in shares of Rhythm Pharmaceuticals in the second quarter valued at $13,105,000.

Rhythm Pharmaceuticals Company Profile

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.