Lynn Tetrault Sells 37,000 Shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) 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 transaction of $3,711,840.00. Following the completion of the sale, the director directly owned 7,000 shares of the company’s stock, valued at $702,240. This represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rhythm Pharmaceuticals Trading Up 0.7%

Rhythm Pharmaceuticals stock opened at $108.26 on Friday. Rhythm Pharmaceuticals, Inc. has a 1-year low of $60.80 and a 1-year high of $122.20. The firm’s fifty day simple moving average is $90.28 and its 200-day simple moving average is $95.82. The company has a market capitalization of $7.42 billion, a P/E ratio of -34.59 and a beta of 1.91.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wall Street Zen raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Jefferies Financial Group reaffirmed a “buy” rating and set a $125.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, March 3rd. Wells Fargo & Company increased their price target on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, June 15th. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 21st. 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 issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $133.12.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. RA Capital Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 17.3% during the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock worth $713,618,000 after buying an additional 985,478 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rhythm Pharmaceuticals by 24.3% in the fourth quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock worth $664,816,000 after acquiring an additional 1,214,489 shares during the last quarter. State Street Corp increased its position in Rhythm Pharmaceuticals by 8.4% during the fourth quarter. State Street Corp now owns 2,198,615 shares of the company’s stock worth $235,340,000 after acquiring an additional 169,964 shares during the period. Price T Rowe Associates Inc. MD increased its position in Rhythm Pharmaceuticals by 11.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,560,847 shares of the company’s stock worth $167,074,000 after acquiring an additional 160,950 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Rhythm Pharmaceuticals by 19.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,423,989 shares of the company’s stock valued at $152,424,000 after purchasing an additional 235,920 shares during the last quarter.

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.