Rhythm Pharmaceuticals (NASDAQ:RYTM) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Rhythm Pharmaceuticals (NASDAQ:RYTM) released its quarterly earnings results on Wednesday. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03), Zacks reports. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $41.83 million during the quarter, compared to the consensus estimate of $38.48 million.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM traded up $0.90 during mid-day trading on Thursday, reaching $54.22. 154,072 shares of the company’s stock were exchanged, compared to its average volume of 488,107. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -12.55 and a beta of 2.14. The business’s fifty day moving average price is $56.98 and its 200-day moving average price is $54.21.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 1,281 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David P. Meeker sold 9,896 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $566,249.12. Following the completion of the sale, the chief executive officer now owns 201,281 shares in the company, valued at $11,517,298.82. The trade was a 4.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,787 shares of company stock worth $1,901,443 over the last three months. Company insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

RYTM has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Thursday. HC Wainwright reissued a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. 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, The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $68.09.

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.