Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Down 4.8%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price was down 4.8% during trading on Monday . The company traded as low as $40.48 and last traded at $40.72. Approximately 155,131 shares traded hands during trading, a decline of 74% from the average daily volume of 601,043 shares. The stock had previously closed at $42.77.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RYTM shares. Bank of America lowered shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their price target for the company from $49.00 to $42.00 in a report on Wednesday, May 8th. Wells Fargo & Company reduced their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, April 18th. Canaccord Genuity Group lowered their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Finally, Needham & Company LLC cut their price target on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.33.

Rhythm Pharmaceuticals Stock Down 3.8 %

The company has a fifty day simple moving average of $39.52 and a 200-day simple moving average of $41.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The business had revenue of $26.00 million during the quarter, compared to analyst estimates of $26.90 million. During the same period last year, the company earned ($0.92) EPS. The business’s revenue for the quarter was up 126.1% on a year-over-year basis. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current year.

Insider Activity

In other news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $38.47, for a total value of $153,264.48. Following the completion of the sale, the insider now owns 30 shares in the company, valued at $1,154.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $38.47, for a total value of $153,264.48. Following the completion of the sale, the insider now owns 30 shares in the company, valued at $1,154.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Yann Mazabraud sold 16,000 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total value of $627,520.00. Following the completion of the sale, the executive vice president now owns 24,495 shares of the company’s stock, valued at approximately $960,693.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 99,596 shares of company stock worth $3,924,525. 5.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. New York State Common Retirement Fund grew its position in shares of Rhythm Pharmaceuticals by 2.7% in the 3rd quarter. New York State Common Retirement Fund now owns 20,641 shares of the company’s stock worth $473,000 after acquiring an additional 541 shares in the last quarter. Swiss National Bank grew its position in shares of Rhythm Pharmaceuticals by 1.1% in the 3rd quarter. Swiss National Bank now owns 99,900 shares of the company’s stock worth $2,290,000 after acquiring an additional 1,100 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after purchasing an additional 34,189 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Rhythm Pharmaceuticals by 13.3% in the 3rd quarter. Deutsche Bank AG now owns 27,452 shares of the company’s stock worth $629,000 after purchasing an additional 3,227 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 23.8% in the 3rd quarter. FMR LLC now owns 868,474 shares of the company’s stock worth $19,910,000 after purchasing an additional 166,940 shares during the last quarter.

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.