Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 1-Year High After Earnings Beat

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $56.16 and last traded at $56.03, with a volume of 469273 shares trading hands. The stock had previously closed at $52.99.

The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same period in the previous year, the firm posted ($0.76) earnings per share. The business’s revenue for the quarter was up 47.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

RYTM has been the subject of a number of recent analyst reports. TD Cowen lifted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. HC Wainwright boosted their price target on shares of Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target on the stock. Canaccord Genuity Group boosted their target price on shares of Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Needham & Company LLC upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.30.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $609,525. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $150,030. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $609,525. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,857 shares of company stock valued at $5,325,446 in the last ninety days. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 348.9% in the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after buying an additional 26,214 shares in the last quarter. Castleark Management LLC acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter worth $2,769,000. Bayesian Capital Management LP acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter worth $665,000. Frazier Life Sciences Management L.P. boosted its stake in Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after purchasing an additional 181,125 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after purchasing an additional 77,208 shares during the period.

Rhythm Pharmaceuticals Trading Up 2.0 %

The stock has a market cap of $3.91 billion, a price-to-earnings ratio of -14.37 and a beta of 2.09. The stock’s 50 day moving average is $50.25 and its two-hundred day moving average is $45.46.

About Rhythm Pharmaceuticals

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.