Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Get Free Report) shares gapped down before the market opened on Tuesday after Needham & Company LLC lowered their price target on the stock from $50.00 to $46.00. The stock had previously closed at $43.88, but opened at $40.86. Needham & Company LLC currently has a buy rating on the stock. Rhythm Pharmaceuticals shares last traded at $39.34, with a volume of 84,195 shares.
Several other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Wells Fargo & Company decreased their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $46.40.
Insider Activity
In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 71,774 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $50.38, for a total transaction of $3,615,974.12. Following the transaction, the insider now owns 2,686 shares of the company’s stock, valued at $135,320.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Yann Mazabraud sold 16,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $627,520.00. Following the completion of the sale, the executive vice president now owns 24,495 shares in the company, valued at approximately $960,693.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Shulman sold 71,774 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $50.38, for a total transaction of $3,615,974.12. Following the completion of the transaction, the insider now owns 2,686 shares in the company, valued at approximately $135,320.68. The disclosure for this sale can be found here. Insiders sold a total of 172,069 shares of company stock valued at $7,626,355 in the last 90 days. 4.70% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Rhythm Pharmaceuticals
Large investors have recently made changes to their positions in the business. China Universal Asset Management Co. Ltd. boosted its position in Rhythm Pharmaceuticals by 95.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company’s stock worth $33,000 after purchasing an additional 713 shares during the period. AJOVista LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $42,000. Allspring Global Investments Holdings LLC grew its stake in shares of Rhythm Pharmaceuticals by 253.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company’s stock valued at $52,000 after buying an additional 1,620 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 91.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock valued at $58,000 after buying an additional 600 shares during the period. Finally, Quarry LP acquired a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $69,000.
Rhythm Pharmaceuticals Trading Down 10.3 %
The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of -11.92 and a beta of 1.94. The firm has a 50-day moving average of $40.92 and a 200 day moving average of $39.74.
Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Free Report) last posted its earnings results on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, hitting analysts’ consensus estimates of ($0.70). The business had revenue of $24.23 million for the quarter, compared to analysts’ expectations of $25.38 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The business’s revenue for the quarter was up 175.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.75) earnings per share. As a group, research analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.02 EPS for the current year.
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.