Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Insider Sells $619,828.82 in Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) insider Joseph Shulman sold 7,969 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the sale, the insider directly owned 8,509 shares of the company's stock, valued at approximately $661,830.02. This trade represents a 48.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Rhythm Pharmaceuticals Stock Down 2.6%

Shares of Rhythm Pharmaceuticals stock traded down $2.34 during mid-day trading on Friday, reaching $86.70. 1,105,173 shares of the stock traded hands, compared to its average volume of 588,517. The business has a 50-day moving average of $64.34 and a 200 day moving average of $59.29. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $40.61 and a fifty-two week high of $94.80. The stock has a market capitalization of $5.52 billion, a PE ratio of -30.85 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm had revenue of $37.72 million for the quarter, compared to analyst estimates of $40.43 million. During the same period in the previous year, the company earned ($2.35) EPS. Rhythm Pharmaceuticals's revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in RYTM. Westfield Capital Management Co. LP acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at approximately $71,038,000. Janus Henderson Group PLC grew its position in Rhythm Pharmaceuticals by 103.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after acquiring an additional 621,432 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock worth $63,515,000 after buying an additional 513,901 shares during the period. Marshall Wace LLP boosted its position in shares of Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock worth $38,783,000 after buying an additional 286,188 shares during the period. Finally, Siren L.L.C. purchased a new position in shares of Rhythm Pharmaceuticals during the first quarter worth $14,701,000.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RYTM. Morgan Stanley set a $95.00 price target on Rhythm Pharmaceuticals and gave the company an "overweight" rating in a report on Wednesday. Guggenheim restated a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Thursday. Oppenheimer boosted their price target on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday. Stifel Nicolaus boosted their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Wells Fargo & Company boosted their price objective on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a report on Thursday. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $91.00.

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.