Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Up 7.4% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Rhythm Pharmaceuticals Stock Performance

The company has a market capitalization of $3.24 billion, a P/E ratio of -12.00 and a beta of 2.09. The company has a 50-day simple moving average of $49.69 and a 200 day simple moving average of $45.11.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, beating 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 previous year, the business earned ($0.82) EPS. The firm’s revenue was up 51.3% on a year-over-year basis. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.45 earnings per share for the current year.

Insider Activity

In other news, insider Pamela J. Cramer sold 3,200 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $675,135. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Pamela J. Cramer sold 3,200 shares of the firm’s stock in a transaction on 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 $675,135. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at $609,525. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,857 shares of company stock valued at $5,325,446 over the last three months. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 20.6% in the 1st quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after purchasing an additional 1,227 shares during the period. Capstone Investment Advisors LLC bought a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $292,000. Swiss National Bank increased its holdings in shares of 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 last quarter. Sei Investments Co. lifted its holdings in 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 during the last quarter. Finally, ProShare Advisors LLC boosted its position in Rhythm Pharmaceuticals by 12.4% during 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.