Hunter C. Smith Sells 42,120 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CFO Hunter C. Smith sold 42,120 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the transaction, the chief financial officer owned 116,915 shares in the company, valued at $9,409,319.20. This represents a 26.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $2.34 during trading on Friday, hitting $86.70. 1,105,147 shares of the company's stock were exchanged, compared to its average volume of 588,655. Rhythm Pharmaceuticals, Inc. has a 52-week low of $40.61 and a 52-week high of $94.80. The business's 50-day simple moving average is $63.88 and its 200 day simple moving average is $59.06. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -30.85 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The business had revenue of $37.72 million for the quarter, compared to analysts' expectations of $40.43 million. During the same quarter in the prior year, the business posted ($2.35) EPS. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday. Stifel Nicolaus upped their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. The Goldman Sachs Group assumed coverage on shares of Rhythm Pharmaceuticals in a report on Thursday. They issued a "buy" rating and a $97.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $91.00.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors have recently made changes to their positions in RYTM. Federated Hermes Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 2.7% in the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock worth $84,321,000 after purchasing an additional 42,236 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 12.9% in the 1st quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock worth $77,231,000 after purchasing an additional 167,047 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Rhythm Pharmaceuticals in the 1st quarter worth approximately $71,038,000. Janus Henderson Group PLC boosted its holdings in shares of Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after purchasing an additional 621,432 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Rhythm Pharmaceuticals by 75.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock worth $63,515,000 after purchasing an additional 513,901 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.