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 business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $109.84 on Friday. The business’s 50 day moving average price is $90.72 and its 200 day moving average price is $95.92. The company has a market cap of $7.53 billion, a price-to-earnings ratio of -35.09 and a beta of 1.91. Rhythm Pharmaceuticals, Inc. has a one year low of $61.00 and a one year high of $122.20.

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

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of analyst reports. Bank of America dropped their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating for the company in a report on Tuesday, March 17th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. HC Wainwright decreased their target price on shares of Rhythm Pharmaceuticals from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 target price on shares of Rhythm Pharmaceuticals in a report on Tuesday, March 3rd. Finally, Guggenheim increased their price target on shares of Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the company a “buy” rating in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $133.12.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Rhythm Pharmaceuticals by 39.2% during the third quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock worth $504,589,000 after buying an additional 1,407,313 shares during the period. RA Capital Management L.P. raised its stake in shares of Rhythm Pharmaceuticals by 17.3% in the 4th quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock valued at $713,618,000 after acquiring an additional 985,478 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 1,493.8% in the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock worth $98,938,000 after acquiring an additional 918,212 shares during the last quarter. Capital Research Global Investors acquired a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter worth approximately $60,417,000. Finally, Jennison Associates LLC boosted its position in shares of Rhythm Pharmaceuticals by 123.2% during the 4th quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock worth $98,323,000 after purchasing an additional 507,017 shares during the period.

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.