Insider Selling: Rhythm Pharmaceuticals (NASDAQ:RYTM) Director Sells $3,711,840.00 in Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Director Lynn Tetrault sold 37,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the transaction, the director directly owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rhythm Pharmaceuticals Stock Up 1.3%

Shares of Rhythm Pharmaceuticals stock traded up $1.36 during trading hours on Wednesday, reaching $107.55. 1,226,425 shares of the stock traded hands, compared to its average volume of 795,596. The company has a 50 day moving average price of $89.44 and a 200 day moving average price of $95.78. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of -34.36 and a beta of 1.91. Rhythm Pharmaceuticals, Inc. has a one year low of $60.80 and a one year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million during the quarter, compared to analyst estimates of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business’s revenue for the quarter was up 83.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.81) EPS. Sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -3.11 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RYTM shares. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Wells Fargo & Company raised their target price on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. HC Wainwright lowered their target price on Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, March 18th. Stifel Nicolaus set a $133.00 price target on Rhythm Pharmaceuticals in a report on Monday, June 15th. Finally, Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $133.12.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the business. Xponance LLC raised its stake in Rhythm Pharmaceuticals by 2.6% during the 4th quarter. Xponance LLC now owns 4,269 shares of the company’s stock valued at $457,000 after purchasing an additional 107 shares during the period. Smartleaf Asset Management LLC boosted its stake in Rhythm Pharmaceuticals by 39.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after purchasing an additional 113 shares during the period. Captrust Financial Advisors grew its holdings in Rhythm Pharmaceuticals by 0.7% during the 2nd quarter. Captrust Financial Advisors now owns 17,471 shares of the company’s stock valued at $1,104,000 after buying an additional 114 shares in the last quarter. GAMMA Investing LLC grew its holdings in Rhythm Pharmaceuticals by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock valued at $39,000 after buying an additional 118 shares in the last quarter. Finally, Optiver Holding B.V. raised its position in shares of Rhythm Pharmaceuticals by 65.2% during the third quarter. Optiver Holding B.V. now owns 365 shares of the company’s stock valued at $37,000 after buying an additional 144 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.