Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Up 7.4% – What’s Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares traded up 7.4% on Monday . The stock traded as high as $53.58 and last traded at $52.63. 202,863 shares were traded during trading, a decline of 61% from the average session volume of 524,687 shares. The stock had previously closed at $49.01.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America increased their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target for the company. JMP Securities started coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 30th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.33.

Rhythm Pharmaceuticals Stock Performance

The company’s 50 day simple moving average is $49.69 and its 200 day simple moving average is $45.11. The stock has a market cap of $3.24 billion, a PE ratio of -12.00 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. Rhythm Pharmaceuticals’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period last year, the company posted ($0.82) earnings per share. Equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.45 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total value of $1,663,752.40. Following the transaction, the director now directly owns 3,000 shares in the company, valued at $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $150,030. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the sale, the director now owns 3,000 shares in the company, valued at approximately $157,200. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,857 shares of company stock worth $5,325,446. 5.60% of the stock is owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in Rhythm Pharmaceuticals by 20.6% during the 1st quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after buying an additional 1,227 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in Rhythm Pharmaceuticals during the first quarter valued at approximately $292,000. Swiss National Bank increased its holdings in Rhythm Pharmaceuticals by 4.0% during the 1st quarter. Swiss National Bank now owns 93,300 shares of the company’s stock worth $4,043,000 after acquiring an additional 3,600 shares during the period. Sei Investments Co. grew its position in shares of Rhythm Pharmaceuticals by 85.8% during the 1st quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock valued at $497,000 after purchasing an additional 5,296 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 12.4% in the first quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock worth $598,000 after purchasing an additional 1,527 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.