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 Rhythm Pharmaceuticals stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $96.33, for a total value of $2,370,777.63. Following the sale, the chief financial officer directly owned 116,915 shares in the company, valued at $11,262,421.95. The trade was a 17.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM traded down $1.38 during mid-day trading on Thursday, reaching $96.48. The company had a trading volume of 583,771 shares, compared to its average volume of 588,855. The company has a 50-day moving average price of $77.87 and a two-hundred day moving average price of $64.75. Rhythm Pharmaceuticals, Inc. has a 1-year low of $43.57 and a 1-year high of $99.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The company had revenue of $48.50 million during 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 revenue was up 66.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.55) earnings per share. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $95.00 target price (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. The Goldman Sachs Group started coverage on Rhythm Pharmaceuticals in a research note on Thursday, July 10th. They set a "buy" rating and a $97.00 target price on the stock. Stifel Nicolaus lifted their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Canaccord Genuity Group lifted their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, HC Wainwright lifted their price target on Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $101.57.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. Victory Capital Management Inc. lifted its position in shares of Rhythm Pharmaceuticals by 1.0% in the first quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock worth $918,000 after purchasing an additional 174 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Rhythm Pharmaceuticals by 0.5% during the second quarter. California State Teachers Retirement System now owns 42,917 shares of the company's stock worth $2,712,000 after purchasing an additional 196 shares during the period. Xponance Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 4.7% during the first quarter. Xponance Inc. now owns 4,365 shares of the company's stock worth $231,000 after purchasing an additional 197 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 0.7% during the first quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock worth $1,968,000 after purchasing an additional 272 shares during the period. Finally, GF Fund Management CO. LTD. boosted its holdings in shares of Rhythm Pharmaceuticals by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,573 shares of the company's stock worth $83,000 after purchasing an additional 283 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.

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