Rhythm Pharmaceuticals (NASDAQ:RYTM) issued its quarterly earnings data on Friday. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by ($0.06), MarketWatch Earnings reports.
Shares of RYTM stock traded down $1.99 during trading hours on Friday, reaching $29.35. 114,668 shares of the company were exchanged, compared to its average volume of 134,820. Rhythm Pharmaceuticals has a fifty-two week low of $16.80 and a fifty-two week high of $37.23. The firm has a market capitalization of $1.03 billion and a price-to-earnings ratio of -10.37.
RYTM has been the topic of several research analyst reports. BidaskClub raised shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. ValuEngine upgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, October 17th. Needham & Company LLC set a $42.00 target price on shares of Rhythm Pharmaceuticals and gave the stock a “buy” rating in a research report on Thursday, August 9th. Morgan Stanley set a $38.00 target price on shares of Rhythm Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, September 7th. Finally, Zacks Investment Research lowered shares of Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Rhythm Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $38.60.
In related news, CEO Keith Michael Gottesdiener sold 16,500 shares of the stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $30.08, for a total value of $496,320.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Der Ploeg Leonardus H.T. Van sold 31,800 shares of the stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $29.80, for a total transaction of $947,640.00. The disclosure for this sale can be found here. Insiders have sold 86,300 shares of company stock worth $2,587,380 over the last quarter. 4.93% of the stock is owned by company insiders.
An institutional investor recently raised its position in Rhythm Pharmaceuticals stock. Bank of New York Mellon Corp boosted its holdings in Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) by 55.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,793 shares of the company’s stock after buying an additional 13,462 shares during the period. Bank of New York Mellon Corp owned approximately 0.11% of Rhythm Pharmaceuticals worth $1,181,000 as of its most recent SEC filing. 87.08% of the stock is currently owned by institutional investors and hedge funds.
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Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
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