Rhythm Pharmaceuticals (NASDAQ:RYTM) Sees Unusually-High Trading Volume – Here’s Why

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) saw an uptick in trading volume on Tuesday . 661,673 shares traded hands during mid-day trading, an increase of 27% from the previous session’s volume of 521,279 shares.The stock last traded at $56.68 and had previously closed at $54.54.

Analyst Ratings Changes

RYTM has been the subject of several recent research reports. TD Cowen upped their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Needham & Company LLC boosted their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. The Goldman Sachs Group boosted their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Bank of America increased their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $68.09.

Rhythm Pharmaceuticals Stock Up 4.6 %

The firm has a market cap of $3.51 billion, a price-to-earnings ratio of -13.16 and a beta of 2.16. The stock’s 50 day moving average is $57.78 and its 200 day moving average is $52.35.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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 return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the previous year, the business earned ($0.76) EPS. The company’s quarterly revenue was up 47.6% compared to the same quarter last year. Analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 84,830 shares of company stock valued at $5,622,000. 5.60% of the stock is owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RYTM. Loomis Sayles & Co. L P acquired a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $33,353,000. Driehaus Capital Management LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after purchasing an additional 326,865 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Rhythm Pharmaceuticals by 32.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after buying an additional 236,600 shares during the period. Frazier Life Sciences Management L.P. grew its holdings in shares of Rhythm Pharmaceuticals by 8.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after buying an additional 181,125 shares in the last quarter. Finally, Perceptive Advisors LLC raised its position in Rhythm Pharmaceuticals by 5.4% during the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after buying an additional 178,000 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.