Rhythm Pharmaceuticals (NASDAQ:RYTM) Issues Quarterly Earnings Results

Rhythm Pharmaceuticals (NASDAQ:RYTM) posted 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. The business had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The business’s revenue was up 126.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.92) earnings per share.

Rhythm Pharmaceuticals Stock Down 1.8 %

Shares of NASDAQ:RYTM traded down $0.71 during midday trading on Thursday, reaching $38.21. The company had a trading volume of 36,655 shares, compared to its average volume of 634,008. The business’s 50 day moving average price is $40.68 and its 200 day moving average price is $39.85. The stock has a market cap of $2.33 billion, a PE ratio of -12.16 and a beta of 1.94. Rhythm Pharmaceuticals has a 1-year low of $15.50 and a 1-year high of $52.57.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company reduced their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the company from $49.00 to $42.00 in a research note on Wednesday. Needham & Company LLC dropped their price target on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday. Canaccord Genuity Group dropped their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group lifted their price target on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $54.33.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 18,235 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $40.34, for a total transaction of $735,599.90. Following the transaction, the insider now owns 30 shares of the company’s stock, valued at $1,210.20. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 18,235 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $40.34, for a total transaction of $735,599.90. Following the transaction, the insider now owns 30 shares of the company’s stock, valued at $1,210.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Yann Mazabraud sold 1,594 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $81,899.72. Following the transaction, the executive vice president now directly owns 7,702 shares in the company, valued at approximately $395,728.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,069 shares of company stock valued at $7,626,355. 4.70% of the stock is owned by insiders.

Rhythm Pharmaceuticals Company Profile

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.