Rhythm Pharmaceuticals (NASDAQ:RYTM) Announces Quarterly Earnings Results

Rhythm Pharmaceuticals (NASDAQ:RYTM) released its quarterly earnings results on Tuesday. The company reported ($2.35) EPS for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01), Briefing.com reports. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The company had revenue of $26.00 million during the quarter, compared to the consensus estimate of $26.90 million. During the same quarter last year, the firm posted ($0.92) EPS. The company’s quarterly revenue was up 126.1% on a year-over-year basis.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $37.63 on Wednesday. The stock has a 50-day moving average of $40.79 and a 200-day moving average of $39.86. Rhythm Pharmaceuticals has a one year low of $15.50 and a one year high of $52.57. The company has a market cap of $2.29 billion, a PE ratio of -12.30 and a beta of 1.94.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RYTM. Bank of America cut Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and reduced their target price for the company from $49.00 to $42.00 in a report on Wednesday. Needham & Company LLC decreased their price objective on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday. The Goldman Sachs Group boosted their target price on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, Wells Fargo & Company decreased their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, April 18th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $49.40.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 71,774 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.38, for a total transaction of $3,615,974.12. Following the completion of the sale, the insider now owns 2,686 shares in the company, valued at $135,320.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 1,594 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $51.38, for a total transaction of $81,899.72. Following the completion of the transaction, the executive vice president now owns 7,702 shares in the company, valued at approximately $395,728.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Shulman sold 71,774 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.38, for a total value of $3,615,974.12. Following the sale, the insider now directly owns 2,686 shares of the company’s stock, valued at $135,320.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,069 shares of company stock worth $7,626,355. Corporate insiders own 4.70% of the company’s stock.

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.