Rhythm Pharmaceuticals (NASDAQ:RYTM) Releases Quarterly Earnings Results, Misses Expectations By $0.10 EPS

Rhythm Pharmaceuticals (NASDAQ:RYTM) posted its quarterly earnings results on Tuesday. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10), Zacks reports. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The business had revenue of $51.30 million for the quarter, compared to analyst estimates of $50.71 million.

Rhythm Pharmaceuticals Trading Down 5.3%

RYTM stock opened at $107.70 on Tuesday. Rhythm Pharmaceuticals has a 12-month low of $45.90 and a 12-month high of $116.00. The business’s fifty day moving average price is $103.15 and its 200 day moving average price is $83.92. The company has a market capitalization of $7.15 billion, a PE ratio of -33.21 and a beta of 2.12.

Wall Street Analyst Weigh In

Several research firms recently commented on RYTM. Guggenheim increased their price target on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Wells Fargo & Company increased their price objective on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Finally, Leerink Partnrs upgraded Rhythm Pharmaceuticals to a “strong-buy” rating in a research report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.21.

Insider Activity at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 24,611 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $96.33, for a total value of $2,370,777.63. Following the completion of the sale, the chief financial officer directly owned 116,915 shares of the company’s stock, valued at $11,262,421.95. This represents a 17.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Paul German sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total value of $142,500.00. Following the completion of the sale, the chief accounting officer owned 922 shares of the company’s stock, valued at approximately $87,590. This represents a 61.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 64,760 shares of company stock worth $6,689,531. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. raised its holdings in Rhythm Pharmaceuticals by 65.9% during the second quarter. Osaic Holdings Inc. now owns 979 shares of the company’s stock worth $62,000 after purchasing an additional 389 shares in the last quarter. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter worth approximately $67,000. E Fund Management Co. Ltd. lifted its holdings in shares of Rhythm Pharmaceuticals by 6.8% in the 2nd quarter. E Fund Management Co. Ltd. now owns 5,761 shares of the company’s stock valued at $364,000 after buying an additional 365 shares during the period. Tower Research Capital LLC TRC grew its holdings in Rhythm Pharmaceuticals by 477.6% during the second quarter. Tower Research Capital LLC TRC now owns 6,111 shares of the company’s stock worth $386,000 after acquiring an additional 5,053 shares during the period. Finally, Prudential Financial Inc. grew its holdings in Rhythm Pharmaceuticals by 62.9% during the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock worth $423,000 after acquiring an additional 2,740 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.