Key Points
- Rhythm Pharmaceuticals CFO Hunter Smith sold 62,774 shares for approximately $6.62 million at an average price of $105.46 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 35.51%.
- RYTM shares opened at $104.74, down 1.3%, with a market capitalization of about $7.18 billion. The stock has traded between $74.50 and $122.20 over the past year.
- The company exceeded quarterly expectations, reporting adjusted earnings of $(0.73) per share versus the $(0.81) consensus estimate and revenue of $71.25 million, up 46.9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $141.12.
Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CFO Hunter Smith sold 62,774 shares of the firm's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $105.46, for a total transaction of $6,620,146.04. Following the completion of the sale, the chief financial officer owned 114,024 shares in the company, valued at $12,024,971.04. This represents a 35.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rhythm Pharmaceuticals Stock Down 1.3%
NASDAQ RYTM opened at $104.74 on Wednesday. Rhythm Pharmaceuticals, Inc. has a 52 week low of $74.50 and a 52 week high of $122.20. The company has a 50 day moving average price of $109.85 and a 200 day moving average price of $96.97. The firm has a market cap of $7.18 billion, a PE ratio of -33.68 and a beta of 1.92.
Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.08. The company had revenue of $71.25 million during the quarter, compared to the consensus estimate of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. Rhythm Pharmaceuticals's revenue was up 46.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.75) earnings per share. On average, equities research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -2.87 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on RYTM shares. TD Cowen reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. National Bank Financial set a $160.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Canaccord Genuity Group set a $154.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Rhythm Pharmaceuticals in a report on Friday. They issued a "hold" rating and a $120.00 price objective for the company. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $141.12.
Get Our Latest Analysis on RYTM
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Rhythm Pharmaceuticals in the 2nd quarter worth about $411,000. California State Teachers Retirement System raised its stake in Rhythm Pharmaceuticals by 10,703.5% in the 2nd quarter. California State Teachers Retirement System now owns 7,109,362 shares of the company's stock valued at $789,352,000 after purchasing an additional 7,043,556 shares during the last quarter. Braidwell LP grew its holdings in shares of Rhythm Pharmaceuticals by 22.7% during the second quarter. Braidwell LP now owns 381,128 shares of the company's stock worth $42,317,000 after buying an additional 70,500 shares in the last quarter. Nykredit A S acquired a new stake in shares of Rhythm Pharmaceuticals in the second quarter valued at about $280,000. Finally, Wellington Management Group LLP grew its stake in Rhythm Pharmaceuticals by 78.5% during the 2nd quarter. Wellington Management Group LLP now owns 488,747 shares of the company's stock valued at $54,266,000 after acquiring an additional 214,990 shares in the last quarter.
About Rhythm Pharmaceuticals
(
Get Free Report)
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.
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