Insider Selling: Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) CFO Sells 3,477 Shares of Stock

Key Points

• Rhythm Pharmaceuticals CFO Hunter C. Smith sold 3,477 shares of stock for a total of $333,792, representing a 2.89% decrease in his ownership.
• The company reported a quarterly loss of ($0.75) earnings per share, missing analysts' expectations, but saw a 66.8% increase in revenue year-over-year, totaling $48.50 million.
• Analysts have assigned an average rating of "Buy" to Rhythm Pharmaceuticals with a consensus price target of $101.57, indicating positive sentiment towards the stock.

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CFO Hunter C. Smith sold 3,477 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $96.00, for a total transaction of $333,792.00. Following the completion of the transaction, the chief financial officer owned 116,915 shares of the company's stock, valued at approximately $11,223,840. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $1.22 during 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 capitalization of $6.43 billion, a PE ratio of -32.28 and a beta of 2.38. The business's fifty day simple moving average is $79.09 and its 200-day simple moving average is $65.40. Rhythm Pharmaceuticals, Inc. has a 12-month low of $43.57 and a 12-month 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 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 return on equity of 1,831.43% and a negative net margin of 117.13%. 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 company posted ($0.55) earnings per share. 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

Several research analysts have weighed in on the company. Stifel Nicolaus upped their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Leerink Partnrs raised Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. The Goldman Sachs Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $97.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. Finally, Guggenheim increased their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $101.57.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Captrust Financial Advisors boosted its position in Rhythm Pharmaceuticals by 0.7% during the second quarter. Captrust Financial Advisors now owns 17,471 shares of the company's stock valued at $1,104,000 after purchasing an additional 114 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Rhythm Pharmaceuticals by 1.0% during the first quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock valued at $918,000 after buying an additional 174 shares during the last quarter. California State Teachers Retirement System lifted its position 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 valued at $2,712,000 after buying an additional 196 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 4.7% in the 1st quarter. Xponance Inc. now owns 4,365 shares of the company's stock valued at $231,000 after buying an additional 197 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock worth $1,968,000 after buying an additional 272 shares during the last quarter.

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.