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

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on RYTM shares. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Stifel Nicolaus raised their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective for the company in a research report on Monday, April 7th. Wells Fargo & Company raised their price objective on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Finally, Needham & Company LLC raised their price objective on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $76.62.

Rhythm Pharmaceuticals Stock Performance

The company has a 50-day simple moving average of $59.38 and a 200-day simple moving average of $57.59. The stock has a market cap of $3.88 billion, a P/E ratio of -14.09 and a beta of 2.36.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. During the same quarter in the previous year, the firm posted ($2.35) EPS. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pamela J. Cramer sold 20,760 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total value of $1,248,506.40. Following the completion of the sale, the insider now directly owns 19,209 shares of the company's stock, valued at approximately $1,155,229.26. This trade represents a 51.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Yann Mazabraud sold 6,745 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of 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 valued at $7,107,346. Company insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. grew its stake in shares of Rhythm Pharmaceuticals by 2.7% during the first quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock worth $84,321,000 after purchasing an additional 42,236 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Rhythm Pharmaceuticals by 12.9% during the first quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock worth $77,231,000 after purchasing an additional 167,047 shares during the period. Westfield Capital Management Co. LP bought a new position in Rhythm Pharmaceuticals during the first quarter worth about $71,038,000. Janus Henderson Group PLC lifted its holdings in Rhythm Pharmaceuticals by 103.9% during 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in 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 acquiring an additional 513,901 shares in the last quarter.

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.