Rhythm Pharmaceuticals (NASDAQ:RYTM) Announces Quarterly Earnings Results

Rhythm Pharmaceuticals (NASDAQ:RYTM) released its earnings results on Tuesday. The company reported ($2.35) earnings per share for the quarter, missing the consensus estimate of ($2.34) by ($0.01), Briefing.com reports. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The firm had revenue of $26.00 million during the quarter, compared to analyst estimates of $26.90 million. During the same period in the prior year, the firm earned ($0.92) earnings per share. The business’s revenue was up 126.1% compared to the same quarter last year.

Rhythm Pharmaceuticals Stock Down 1.8 %

RYTM traded down $0.71 on Thursday, reaching $38.21. The company’s stock had a trading volume of 36,655 shares, compared to its average volume of 634,008. The stock has a 50 day moving average of $40.68 and a two-hundred day moving average of $39.85. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -12.16 and a beta of 1.94. Rhythm Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.57.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 71,774 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.38, for a total value of $3,615,974.12. Following the completion of the sale, the insider now owns 2,686 shares in the company, valued at $135,320.68. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Hunter C. Smith sold 15,515 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $608,498.30. Following the completion of the sale, the chief financial officer now owns 97,939 shares in the company, valued at $3,841,167.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Shulman sold 71,774 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.38, for a total value of $3,615,974.12. Following the sale, the insider now owns 2,686 shares of the company’s stock, valued at approximately $135,320.68. The disclosure for this sale can be found here. Insiders sold 172,069 shares of company stock valued at $7,626,355 over the last three months. 4.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

RYTM has been the subject of a number of analyst reports. Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $49.00 to $42.00 in a research report on Wednesday. Wells Fargo & Company lowered their price objective 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 lowered their price objective on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday. The Goldman Sachs Group boosted their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, Canaccord Genuity Group lowered their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.33.

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.