Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 1-Year High on Better-Than-Expected Earnings

by · The Markets Daily

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Get Free Report) reached a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $56.16 and last traded at $56.03, with a volume of 469273 shares. The stock had previously closed at $52.99.

The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. Rhythm Pharmaceuticals’s revenue was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.76) earnings per share.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Needham & Company LLC upped their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America upped their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. HC Wainwright upped their target price on Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Canaccord Genuity Group upped their target price on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

View Our Latest Research Report on Rhythm Pharmaceuticals

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the sale, the director now directly owns 3,000 shares in the company, valued at $150,030. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,857 shares of company stock valued at $5,325,446. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Quest Partners LLC boosted its stake in shares of Rhythm Pharmaceuticals by 451.6% during the 3rd quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock worth $480,000 after acquiring an additional 7,505 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Rhythm Pharmaceuticals by 158.0% in the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock valued at $953,000 after buying an additional 11,137 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after buying an additional 23,054 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Rhythm Pharmaceuticals by 19.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company’s stock valued at $2,167,000 after buying an additional 6,741 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its stake in Rhythm Pharmaceuticals by 64.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,758 shares of the company’s stock valued at $616,000 after buying an additional 4,595 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

The stock has a market capitalization of $3.91 billion, a PE ratio of -14.37 and a beta of 2.09. The stock’s 50 day moving average is $50.25 and its two-hundred day moving average is $45.46.

Rhythm Pharmaceuticals Company Profile

(Get Free Report)

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.

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