Rhythm Pharmaceuticals (NASDAQ:RYTM) Posts Quarterly Earnings Results

Rhythm Pharmaceuticals (NASDAQ:RYTM) announced its quarterly earnings results on Tuesday. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07, Briefing.com reports. The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business’s revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.76) EPS.

Rhythm Pharmaceuticals Stock Up 11.9 %

Shares of NASDAQ:RYTM traded up $6.70 during trading on Wednesday, reaching $62.95. The stock had a trading volume of 2,104,563 shares, compared to its average volume of 535,788. Rhythm Pharmaceuticals has a fifty-two week low of $23.83 and a fifty-two week high of $64.73. The business has a fifty day moving average price of $49.92 and a 200-day moving average price of $45.34. The stock has a market cap of $3.85 billion, a P/E ratio of -14.45 and a beta of 2.09.

Analyst Ratings Changes

A number of brokerages have issued reports on RYTM. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Needham & Company LLC raised their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America boosted their price objective 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. Finally, TD Cowen raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $61.80.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, 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 transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction on 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 owns 3,000 shares in the company, valued at $157,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 109,857 shares of company stock valued at $5,325,446. Company insiders own 5.60% of the company’s stock.

About Rhythm Pharmaceuticals

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.