Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) CFO Hunter C. Smith Sells 24,611 Shares

Key Points

• Rhythm Pharmaceuticals CFO Hunter C. Smith sold 24,611 shares, equating to a 17.39% reduction in his holdings, for a total of approximately $2.37 million at an average price of $96.33 per share.
• The company's earnings report revealed a loss of ($0.75) EPS, which was below analyst expectations, despite a revenue increase of 66.8% year-over-year to $48.50 million.
• Analysts maintain a "buy" rating for Rhythm Pharmaceuticals, with target prices ranging from $95.00 to $105.00, reflecting investor confidence in the stock's future performance.

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CFO Hunter C. Smith sold 24,611 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $96.33, for a total transaction of $2,370,777.63. Following the completion of the sale, the chief financial officer owned 116,915 shares in the company, valued at $11,262,421.95. The trade was a 17.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $1.22 during mid-day trading on Tuesday, reaching $96.87. 50,853 shares of the company were exchanged, compared to its average volume of 664,688. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of -32.28 and a beta of 2.38. Rhythm Pharmaceuticals, Inc. has a 1 year low of $43.57 and a 1 year high of $99.04. The firm's 50-day simple moving average is $79.09 and its 200 day simple moving average is $65.40.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Wells Fargo & Company boosted their price objective on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Needham & Company LLC reissued a "buy" rating and set a $95.00 target price (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. JMP Securities lifted their price target on Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a research note on Wednesday, August 6th. Finally, Bank of America increased their price objective on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of "Buy" and an average target price of $101.57.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. First Trust Advisors LP increased its stake in Rhythm Pharmaceuticals by 67.2% in the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after purchasing an additional 47,575 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Rhythm Pharmaceuticals by 1,386.2% in the first quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company's stock valued at $239,000 after buying an additional 4,214 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Rhythm Pharmaceuticals by 491.0% during the fourth quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock worth $4,772,000 after acquiring an additional 70,824 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Rhythm Pharmaceuticals in the 1st quarter valued at $1,042,000. Finally, Principal Financial Group Inc. raised its position in Rhythm Pharmaceuticals by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock valued at $1,968,000 after purchasing an additional 272 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.