Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) CEO Sells $566,249.12 in Stock

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) CEO David P. Meeker sold 9,896 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $566,249.12. Following the sale, the chief executive officer now directly owns 201,281 shares of the company’s stock, valued at approximately $11,517,298.82. The trade was a 4.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Rhythm Pharmaceuticals Stock Down 0.4 %

Shares of RYTM stock opened at $57.74 on Friday. The stock has a market cap of $3.55 billion, a P/E ratio of -13.33 and a beta of 2.14. Rhythm Pharmaceuticals, Inc. has a 52 week low of $35.17 and a 52 week high of $68.58. The company’s fifty day simple moving average is $57.10 and its two-hundred day simple moving average is $53.89.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RYTM. Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Canaccord Genuity Group reissued a “buy” rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.09.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds have recently bought and sold shares of RYTM. SRS Capital Advisors Inc. lifted its stake in Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $37,000. R Squared Ltd purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $44,000. Finally, State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $61,000.

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.