Joseph Shulman Sells 3,984 Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock

Key Points

• Joseph Shulman, an insider at Rhythm Pharmaceuticals, sold 3,984 shares at an average price of $90.08, which diminished his ownership in the company by 31.89%.
• Rhythm Pharmaceuticals reported a loss of $0.75 per share for the last quarter, missing earnings estimates, but saw a 66.8% increase in revenue year-over-year.
• Several analysts raised their target price for Rhythm Pharmaceuticals, with Canaccord Genuity increasing it to $105.00, reflecting a generally optimistic outlook on the stock.

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) insider Joseph Shulman sold 3,984 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $90.08, for a total transaction of $358,878.72. Following the completion of the sale, the insider directly owned 8,509 shares in the company, valued at approximately $766,490.72. This represents a 31.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Joseph Shulman also recently made the following trade(s):

• On Wednesday, July 9th, Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock. The shares were sold at an average price of $77.78, for a total transaction of $619,828.82.

Rhythm Pharmaceuticals Stock Performance

RYTM traded up $1.40 during trading on Wednesday, hitting $97.86. 733,610 shares of the company's stock were exchanged, compared to its average volume of 588,546. The business's 50 day moving average is $77.27 and its two-hundred day moving average is $64.48. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $43.57 and a fifty-two week high of $99.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.09). The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. The business's quarterly revenue was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.55) EPS. On average, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Canaccord Genuity Group increased their target price on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Oppenheimer increased their target price on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research note on Thursday, July 10th. Morgan Stanley reissued an "overweight" rating and set a $109.00 target price (up from $100.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, August 5th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, JMP Securities increased their target price on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $101.57.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RYTM. Westfield Capital Management Co. LP purchased a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at about $71,038,000. JPMorgan Chase & Co. raised its holdings in shares of Rhythm Pharmaceuticals by 445.5% in the second quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company's stock valued at $49,513,000 after purchasing an additional 639,919 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Rhythm Pharmaceuticals by 103.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after purchasing an additional 621,432 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Rhythm Pharmaceuticals by 75.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after purchasing an additional 513,901 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Rhythm Pharmaceuticals by 70.4% in the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock valued at $38,783,000 after purchasing an additional 286,188 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.

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