Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Down 8% – What’s Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price traded down 8% during trading on Wednesday . The company traded as low as $53.24 and last traded at $53.10. 294,294 shares changed hands during trading, a decline of 45% from the average session volume of 532,132 shares. The stock had previously closed at $57.73.

Analysts Set New Price Targets

A number of research firms have issued reports on RYTM. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price target on the stock. Oppenheimer assumed coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price target on the stock. Canaccord Genuity Group increased their target price on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price objective on the stock. Finally, JMP Securities reissued a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $74.92.

Rhythm Pharmaceuticals Stock Performance

The business has a 50 day simple moving average of $54.57 and a 200-day simple moving average of $55.15. The stock has a market capitalization of $3.24 billion, a P/E ratio of -11.79 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The firm had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at approximately $2,078,247.60. This trade represents a 65.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christopher Paul German sold 635 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Two Sigma Advisers LP increased its holdings in Rhythm Pharmaceuticals by 2.3% in the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock valued at $733,000 after purchasing an additional 300 shares during the last quarter. SRS Capital Advisors Inc. increased its position in shares of Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after acquiring an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at about $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Rhythm Pharmaceuticals by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock valued at $1,857,000 after acquiring an additional 654 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth $37,000.

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.