Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Down 3.8%

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) were down 3.8% during trading on Wednesday . The stock traded as low as $40.74 and last traded at $40.74. Approximately 252,539 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 607,611 shares. The stock had previously closed at $42.34.

Analyst Upgrades and Downgrades

RYTM has been the subject of several recent analyst reports. Canaccord Genuity Group decreased their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Needham & Company LLC decreased their price objective on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Bank of America cut shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company dropped their price objective on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Thursday, April 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.33.

Rhythm Pharmaceuticals Trading Down 3.6 %

The stock has a market capitalization of $2.49 billion, a PE ratio of -9.14 and a beta of 2.04. The company’s 50 day simple moving average is $39.84 and its 200 day simple moving average is $42.19.

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

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $38.47, for a total value of $153,264.48. Following the transaction, the insider now owns 30 shares in the company, valued at approximately $1,154.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Castleark Management LLC bought a new stake in Rhythm Pharmaceuticals in the first quarter worth approximately $2,769,000. Bayesian Capital Management LP acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth $665,000. Canada Pension Plan Investment Board boosted its holdings in shares of Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after buying an additional 310,000 shares during the period. Nan Fung Group Holdings Ltd boosted its holdings in shares of Rhythm Pharmaceuticals by 22.6% during the 1st quarter. Nan Fung Group Holdings Ltd now owns 49,120 shares of the company’s stock worth $2,128,000 after buying an additional 9,050 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Rhythm Pharmaceuticals by 381.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after purchasing an additional 578,800 shares during 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.