Insider Selling: Rhythm Pharmaceuticals (NASDAQ:RYTM) Insider Sells $608,210.25 in Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) insider Joseph Shulman sold 5,079 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $119.75, for a total transaction of $608,210.25. Following the completion of the sale, the insider owned 15,915 shares in the company, valued at $1,905,821.25. The trade was a 24.19% decrease in their ownership of the stock. The transaction was disclosed in a 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 Price Performance

RYTM stock opened at $115.73 on Thursday. The firm has a market cap of $7.93 billion, a PE ratio of -37.21 and a beta of 1.92. Rhythm Pharmaceuticals, Inc. has a 12 month low of $74.50 and a 12 month high of $122.20. The firm has a 50 day simple moving average of $107.17 and a 200 day simple moving average of $96.65.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.08. The firm had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm’s quarterly revenue was up 46.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.75) earnings per share. As a group, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RYTM shares. JPMorgan Chase & Co. lifted their target price on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Canaccord Genuity Group set a $154.00 target price on Rhythm Pharmaceuticals in a report on Wednesday, August 5th. TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. National Bank Financial set a $160.00 price target on Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $142.44.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently modified their holdings of RYTM. EverSource Wealth Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after buying an additional 200 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in Rhythm Pharmaceuticals by 73.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock worth $37,000 after acquiring an additional 145 shares during the period. GAMMA Investing LLC boosted its position in Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after acquiring an additional 97 shares during the period. Smartleaf Asset Management LLC grew its stake in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock valued at $43,000 after acquiring an additional 113 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Rhythm Pharmaceuticals during the 2nd quarter valued at about $51,000.

About Rhythm Pharmaceuticals

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.