Rhythm Pharmaceuticals (NASDAQ:RYTM) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) from a hold rating to a sell rating in a research note issued to investors on Friday morning.

A number of other brokerages also recently weighed in on RYTM. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 target price (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday, July 9th. The Goldman Sachs Group began coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price objective for the company. Morgan Stanley set a $95.00 price objective on Rhythm Pharmaceuticals and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Stifel Nicolaus raised their target price on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a sell 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, the company presently has an average rating of "Moderate Buy" and an average price target of $91.93.

Rhythm Pharmaceuticals Stock Down 1.6%

RYTM stock traded down $1.48 during midday trading on Friday, hitting $89.20. The stock had a trading volume of 624,068 shares, compared to its average volume of 591,254. Rhythm Pharmaceuticals has a 52 week low of $40.61 and a 52 week high of $94.80. The stock has a 50-day simple moving average of $67.14 and a 200 day simple moving average of $60.47.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The company had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period in the previous year, the company posted ($2.35) earnings per share. The company's quarterly revenue was up 25.9% on a year-over-year basis. Analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Hunter C. Smith sold 42,120 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total value of $3,389,817.60. Following the completion of the sale, the chief financial officer owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. This represents a 26.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 3,817 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the completion of the transaction, the chief accounting officer directly owned 922 shares of the company's stock, valued at $74,451.50. This represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,673 shares of company stock valued at $7,118,510 in the last quarter. Company insiders own 6.10% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently bought and sold shares of RYTM. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Rhythm Pharmaceuticals in the 1st quarter valued at about $34,000. State of Wyoming acquired a new stake in Rhythm Pharmaceuticals during the fourth quarter worth approximately $61,000. GF Fund Management CO. LTD. bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $72,000. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after purchasing an additional 1,240 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in shares of Rhythm Pharmaceuticals in the first quarter valued at approximately $166,000.

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.