Insider Selling: Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) EVP Sells 75,000 Shares of Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares in the company, valued at $2,078,247.60. This trade represents a 65.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Rhythm Pharmaceuticals Trading Down 1.8 %

Shares of RYTM opened at $54.23 on Friday. Rhythm Pharmaceuticals, Inc. has a twelve month low of $35.17 and a twelve month high of $68.58. The stock’s 50 day moving average is $55.38 and its two-hundred day moving average is $54.80. The firm has a market capitalization of $3.43 billion, a PE ratio of -12.52 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million during the quarter, compared to analysts’ expectations of $38.48 million. On average, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current year.

Analyst Upgrades and Downgrades

RYTM has been the topic of a number of research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. HC Wainwright lifted their target price on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley reiterated an “overweight” rating and set a $72.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Finally, Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 target price on the stock. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.46.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 241.9% during the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after acquiring an additional 23,054 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 158.0% during the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock worth $953,000 after acquiring an additional 11,137 shares in the last quarter. Quest Partners LLC boosted its stake in shares of Rhythm Pharmaceuticals by 451.6% during the 3rd quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock worth $480,000 after acquiring an additional 7,505 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $649,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company’s stock worth $22,730,000 after acquiring an additional 5,908 shares in the last quarter.

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.