Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Down 3.8%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares dropped 3.8% during trading on Wednesday . The stock traded as low as $40.74 and last traded at $40.74. Approximately 252,539 shares were traded 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 a number of research analyst reports. Wells Fargo & Company decreased their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Thursday, April 18th. Needham & Company LLC decreased their price objective on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. Bank of America cut Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their target price for the stock from $49.00 to $42.00 in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group dropped their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.33.

Rhythm Pharmaceuticals Trading Up 2.8 %

The stock has a market cap of $2.56 billion, a P/E ratio of -8.81 and a beta of 2.04. The company’s 50-day simple moving average is $39.92 and its 200 day simple moving average is $42.17.

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 analysts’ consensus estimates 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 business had revenue of $26.00 million during the quarter, compared to the consensus estimate of $26.90 million. During the same quarter last year, the company earned ($0.92) EPS. The firm’s revenue for the quarter was up 126.1% compared to the same quarter last year. Research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Joseph Shulman sold 3,984 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was 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 $1,154.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trexquant Investment LP bought a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at $562,000. Gotham Asset Management LLC bought a new position in Rhythm Pharmaceuticals in the 3rd quarter worth about $328,000. Adage Capital Partners GP L.L.C. purchased a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at about $1,004,000. Polar Capital Holdings Plc increased its position in shares of Rhythm Pharmaceuticals by 11.1% during the third quarter. Polar Capital Holdings Plc now owns 2,500,000 shares of the company’s stock valued at $57,312,000 after buying an additional 250,000 shares during the period. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Rhythm Pharmaceuticals in the third quarter worth about $4,757,000.

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.