Insider Selling: Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Insider Sells 3,200 Shares of Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) insider Pamela J. Cramer sold 3,200 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM traded down $1.04 on Wednesday, reaching $46.39. The stock had a trading volume of 245,168 shares, compared to its average volume of 564,978. The firm’s fifty day moving average is $45.73 and its two-hundred day moving average is $42.80. Rhythm Pharmaceuticals, Inc. has a 12-month low of $20.97 and a 12-month high of $53.92. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -10.02 and a beta of 2.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same period in the prior year, the firm posted ($0.82) EPS. The company’s revenue was up 51.3% on a year-over-year basis. As a group, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RYTM. Perceptive Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after purchasing an additional 178,000 shares during the period. Algert Global LLC raised its holdings in Rhythm Pharmaceuticals by 50.8% in the second quarter. Algert Global LLC now owns 104,132 shares of the company’s stock valued at $4,276,000 after buying an additional 35,084 shares during the period. Frazier Life Sciences Management L.P. lifted its position in Rhythm Pharmaceuticals by 8.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after buying an additional 181,125 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after buying an additional 326,865 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Rhythm Pharmaceuticals by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock worth $2,024,000 after acquiring an additional 1,667 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Canaccord Genuity Group lowered their target price on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. Finally, Bank of America downgraded shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.83.

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.