Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Down 8% – Time to Sell?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s stock price was down 8% during trading on Wednesday . The stock traded as low as $53.24 and last traded at $53.10. Approximately 294,294 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 532,132 shares. The stock had previously closed at $57.73.

Wall Street Analyst Weigh In

RYTM has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday. Finally, Wells Fargo & Company raised their price objective on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $74.92.

Rhythm Pharmaceuticals Trading Up 3.0 %

The stock has a 50 day moving average of $54.58 and a 200-day moving average of $55.29. The company has a market capitalization of $3.76 billion, a P/E ratio of -13.75 and a beta of 2.32.

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

Insider Transactions at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 17,750 shares of the firm’s stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.99, for a total value of $1,082,572.50. Following the transaction, the executive vice president now owns 22,620 shares of the company’s stock, valued at $1,379,593.80. This trade represents a 43.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Christopher Paul German sold 635 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,641 shares of company stock worth $8,112,177. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. FMR LLC grew its position in shares of Rhythm Pharmaceuticals by 79.7% during the 3rd quarter. FMR LLC now owns 50,295 shares of the company’s stock worth $2,635,000 after buying an additional 22,306 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Rhythm Pharmaceuticals by 307.1% in the third quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company’s stock worth $756,000 after acquiring an additional 10,882 shares during the period. Principal Financial Group Inc. grew its holdings in 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. Barclays PLC increased its position in Rhythm Pharmaceuticals by 79.6% during the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock valued at $5,574,000 after purchasing an additional 47,166 shares during the period. Finally, KBC Group NV increased its position in Rhythm Pharmaceuticals by 78.2% during the 4th quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after purchasing an additional 988 shares during the period.

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.