Key Points
- CEO David Meeker sold 50,000 Rhythm Pharmaceuticals shares for approximately $5.13 million under a pre-arranged Rule 10b5-1 trading plan, reducing his direct stake by 17.29% to 239,258 shares.
- Rhythm reported better-than-expected quarterly results, with an adjusted loss of $0.73 per share versus the $0.81 consensus estimate and revenue of $71.25 million, up 46.9% year over year.
- Wall Street remains broadly positive: 16 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $140.67 versus the reported share price of $102.44.
Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) CEO David Meeker sold 50,000 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $102.67, for a total value of $5,133,500.00. Following the sale, the chief executive officer directly owned 239,258 shares in the company, valued at $24,564,618.86. The trade was a 17.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rhythm Pharmaceuticals Price Performance
Shares of NASDAQ RYTM opened at $102.44 on Tuesday. The business has a 50-day moving average of $108.46 and a 200-day moving average of $97.21. Rhythm Pharmaceuticals, Inc. has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of -32.94 and a beta of 1.97.
Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. During the same period in the prior year, the firm posted ($0.75) earnings per share. The company's quarterly revenue was up 46.9% compared to the same quarter last year. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -2.86 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System lifted its position in Rhythm Pharmaceuticals by 10,703.5% during the second quarter. California State Teachers Retirement System now owns 7,109,362 shares of the company's stock worth $789,352,000 after purchasing an additional 7,043,556 shares during the period. BlackRock Inc. bought a new position in Rhythm Pharmaceuticals in the 2nd quarter valued at about $683,601,000. Primecap Management Co. CA bought a new position in Rhythm Pharmaceuticals in the 2nd quarter valued at about $351,838,000. Geode Capital Management LLC raised its position in shares of Rhythm Pharmaceuticals by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,375,729 shares of the company's stock valued at $147,283,000 after buying an additional 12,900 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of Rhythm Pharmaceuticals by 18.5% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,267,158 shares of the company's stock valued at $135,637,000 after buying an additional 198,154 shares in the last quarter.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on the company. Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a research report on Monday. They set an "outperform" rating and a $133.00 price objective on the stock. Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. Canaccord Genuity Group set a $154.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Citigroup reiterated a "market outperform" rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Rhythm Pharmaceuticals in a report on Friday, August 28th. They issued a "hold" rating and a $120.00 price objective for the company. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.67.
Get Our Latest Stock Analysis on RYTM
Rhythm Pharmaceuticals Company Profile
(
Get Free Report)
Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company's research is centered on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.
Rhythm's primary product is IMCIVREE (setmelanotide), an MC4R agonist. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 2 years old with obesity and certain genetically confirmed conditions affecting the MC4R pathway, including pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1 and leptin receptor deficiencies, as well as Bardet-Biedl syndrome.
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