Rhythm Pharmaceuticals (NASDAQ:RYTM) Sees Large Volume Increase – What’s Next?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) saw an uptick in trading volume on Monday . 507,031 shares were traded during mid-day trading, a decline of 7% from the previous session’s volume of 548,081 shares.The stock last traded at $55.29 and had previously closed at $56.12.

Analyst Ratings Changes

RYTM has been the topic of several analyst reports. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. TD Cowen lifted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. 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 note on Monday, October 14th. Needham & Company LLC boosted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.90.

Rhythm Pharmaceuticals Price Performance

The stock has a market capitalization of $3.43 billion, a P/E ratio of -12.90 and a beta of 2.14. The stock’s fifty day moving average price is $56.51 and its 200 day moving average price is $50.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. During the same period last year, the company posted ($0.76) earnings per share. The company’s quarterly revenue was up 47.6% compared to the same quarter last year. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 13,281 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.44, for a total transaction of $882,389.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. This trade represents a 25.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,830 shares of company stock worth $5,622,000 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of RYTM. Perceptive Advisors LLC lifted its position in Rhythm Pharmaceuticals by 5.4% during the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after acquiring an additional 178,000 shares during the period. Frazier Life Sciences Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 1.9% during the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after purchasing an additional 45,648 shares during the period. Geode Capital Management LLC increased its holdings in Rhythm Pharmaceuticals by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after buying an additional 3,499 shares during the period. Driehaus Capital Management LLC raised its position in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after buying an additional 326,865 shares during the last quarter. Finally, Alkeon Capital Management LLC lifted its stake in Rhythm Pharmaceuticals by 16.8% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after acquiring an additional 167,700 shares during the period.

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.