Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $95.22 and last traded at $93.69, with a volume of 30609 shares traded. The stock had previously closed at $94.31.
Analysts Set New Price Targets
A number of equities research analysts have commented on RYTM shares. JMP Securities increased their price objective on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the stock a "market outperform" rating in a report on Wednesday, August 6th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. Bank of America raised their target price on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, July 10th. Finally, HC Wainwright raised their target price on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One 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, Rhythm Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $101.57.
Check Out Our Latest Research Report on Rhythm Pharmaceuticals
Rhythm Pharmaceuticals Price Performance
The stock's 50-day simple moving average is $75.98 and its 200 day simple moving average is $64.02. The stock has a market capitalization of $6.29 billion, a P/E ratio of -31.51 and a beta of 2.38.
Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. The company had revenue of $48.50 million for the quarter, compared to the consensus estimate of $43.72 million. During the same period last year, the firm earned ($0.55) earnings per share. The company's revenue for the quarter was up 66.8% compared to the same quarter last year. As a group, analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Paul German sold 3,817 shares of the firm's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer directly owned 922 shares in the company, valued at approximately $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 sold a total of 81,417 shares of company stock valued at $6,352,511 in the last three months. Insiders own 6.10% of the company's stock.
Institutional Investors Weigh In On Rhythm Pharmaceuticals
Institutional investors and hedge funds have recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Rhythm Pharmaceuticals during the first quarter worth about $34,000. State of Wyoming bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $61,000. GF Fund Management CO. LTD. bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $72,000. CWM LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rhythm Pharmaceuticals by 16.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,458 shares of the company's stock worth $155,000 after acquiring an additional 342 shares during the last quarter.
About Rhythm Pharmaceuticals
(
Get Free Report)
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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