Rhythm Pharmaceuticals (NASDAQ:RYTM) Posts Earnings Results, Beats Estimates By $0.07 EPS

Rhythm Pharmaceuticals (NASDAQ:RYTM) posted its quarterly earnings results on Tuesday. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07, Briefing.com reports. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter in the prior year, the business earned ($0.76) EPS. The firm’s revenue for the quarter was up 47.6% on a year-over-year basis.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock traded up $1.03 during mid-day trading on Thursday, hitting $63.68. 70,043 shares of the company traded hands, compared to its average volume of 536,699. The stock has a fifty day moving average price of $50.25 and a 200-day moving average price of $45.46. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -14.37 and a beta of 2.09. Rhythm Pharmaceuticals has a one year low of $26.55 and a one year high of $64.73.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Canaccord Genuity Group boosted their price target on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen lifted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday. HC Wainwright upped their target price on shares of Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Bank of America upped their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $62.30.

Insider Activity

In related news, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Pamela J. Cramer sold 3,200 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now owns 13,500 shares in the company, valued at $675,135. 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 available through the SEC website. Also, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at $609,525. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,857 shares of company stock worth $5,325,446. 5.60% of the stock is currently owned by corporate insiders.

About Rhythm Pharmaceuticals

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.