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

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares saw strong trading volume on Tuesday . 661,673 shares changed 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.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RYTM shares. Guggenheim began coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $69.00 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 research report on Thursday, December 5th. 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. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.09.

Rhythm Pharmaceuticals Trading Up 2.2 %

The business has a 50 day simple moving average of $57.59 and a two-hundred day simple moving average of $52.50. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -13.50 and a beta of 2.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter last year, the company posted ($0.76) earnings per share. The company’s quarterly revenue was up 47.6% compared to the same quarter last year. Research analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 13,281 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $877,500. The trade was a 25.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,830 shares of company stock worth $5,622,000. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of RYTM. Perceptive Advisors LLC lifted its position in Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after buying an additional 178,000 shares in the last quarter. Frazier Life Sciences Management L.P. increased its stake in shares of Rhythm Pharmaceuticals by 1.9% in the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after acquiring an additional 45,648 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after acquiring an additional 3,499 shares in the last quarter. Driehaus Capital Management LLC boosted its position in Rhythm Pharmaceuticals by 38.2% during 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 during the last quarter. Finally, Alkeon Capital Management LLC grew its stake in Rhythm Pharmaceuticals by 16.8% in the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after purchasing an additional 167,700 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.