Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Down 4.1% - Here's Why

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) fell 4.1% on Tuesday . The stock traded as low as $59.90 and last traded at $59.80. 204,411 shares changed hands during trading, a decline of 68% from the average session volume of 633,966 shares. The stock had previously closed at $62.36.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RYTM. Morgan Stanley reaffirmed an "overweight" rating and set a $72.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Wells Fargo & Company raised their target price on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an "overweight" rating in a research note on Monday, April 7th. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Canaccord Genuity Group raised their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, April 8th. Finally, Stifel Nicolaus increased 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. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $76.62.

Rhythm Pharmaceuticals Trading Down 0.8%

The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -14.17 and a beta of 2.36. The stock has a 50-day simple moving average of $59.55 and a 200 day simple moving average of $57.56.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data 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 return on equity of 367.36% and a negative net margin of 230.07%. The business had revenue of $37.72 million for the quarter, compared to analyst estimates of $40.43 million. During the same quarter in the previous year, the business posted ($2.35) earnings per share. The company's revenue was up 25.9% compared to the same quarter last year. Sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 7,031 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.09, for a total transaction of $457,647.79. Following the completion of the sale, the insider now directly owns 19,209 shares of the company's stock, valued at $1,250,313.81. This trade represents a 26.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Yann Mazabraud sold 6,745 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.08, for a total value of $438,964.60. Following the sale, the executive vice president now directly owns 37,655 shares of the company's stock, valued at $2,450,587.40. This trade represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,630 shares of company stock worth $7,107,346. 6.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of Rhythm Pharmaceuticals by 3.6% during the 1st quarter. Rhumbline Advisers now owns 85,719 shares of the company's stock worth $4,541,000 after purchasing an additional 2,988 shares in the last quarter. Strs Ohio purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $980,000. Siren L.L.C. purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $14,701,000. Intech Investment Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 20.7% during the 1st quarter. Intech Investment Management LLC now owns 33,893 shares of the company's stock worth $1,795,000 after purchasing an additional 5,801 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $166,000.

Rhythm Pharmaceuticals Company Profile

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.