Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Down 4.6%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price traded down 4.6% during trading on Wednesday . The company traded as low as $40.62 and last traded at $40.79. 59,697 shares changed hands during trading, a decline of 90% from the average session volume of 606,836 shares. The stock had previously closed at $42.75.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RYTM shares. Needham & Company LLC cut their price target on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, May 7th. Bank of America lowered shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $49.00 to $42.00 in a research note on Wednesday, May 8th. Wells Fargo & Company reduced their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, April 18th. Finally, Canaccord Genuity Group lowered their price target on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.33.

Rhythm Pharmaceuticals Trading Down 6.8 %

The firm’s fifty day moving average price is $39.59 and its two-hundred day moving average price is $42.21. The stock has a market capitalization of $2.43 billion, a PE ratio of -8.72 and a beta of 1.93.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). The firm had revenue of $26.00 million for the quarter, compared to analyst estimates of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The firm’s quarterly revenue was up 126.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.92) EPS. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total transaction of $153,264.48. Following the transaction, the insider now owns 30 shares in the company, valued at $1,154.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. AJOVista LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $42,000. Nisa Investment Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 91.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock valued at $58,000 after acquiring an additional 600 shares during the last quarter. Quarry LP purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $69,000. ZRC Wealth Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 392.8% in the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock worth $85,000 after acquiring an additional 1,571 shares during the last quarter. Finally, Whittier Trust Co. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth approximately $92,000.

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.