Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Expected to Announce Quarterly Sales of $2.90 Million

Wall Street analysts predict that Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM – Get Rating) will post $2.90 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Rhythm Pharmaceuticals’ earnings. The highest sales estimate is $3.50 million and the lowest is $2.30 million. Rhythm Pharmaceuticals reported sales of $270,000.00 in the same quarter last year, which would indicate a positive year over year growth rate of 974.1%. The company is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Rhythm Pharmaceuticals will report full year sales of $19.59 million for the current financial year, with estimates ranging from $17.50 million to $21.67 million. For the next fiscal year, analysts anticipate that the firm will report sales of $44.50 million, with estimates ranging from $40.20 million to $48.80 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Rhythm Pharmaceuticals.

Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.07). Rhythm Pharmaceuticals had a negative return on equity of 55.66% and a negative net margin of 3,598.16%. During the same period in the previous year, the business earned $0.90 earnings per share.

Several brokerages have recently issued reports on RYTM. Zacks Investment Research cut Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, April 22nd. LADENBURG THALM/SH SH upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Thursday, February 17th. Canaccord Genuity Group reduced their price objective on Rhythm Pharmaceuticals from $45.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, March 7th. The Goldman Sachs Group reduced their price objective on Rhythm Pharmaceuticals from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 7th. Finally, Needham & Company LLC cut their price target on Rhythm Pharmaceuticals from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $24.33.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 80.7% during the first quarter. Federated Hermes Inc. now owns 5,065,113 shares of the company’s stock worth $58,350,000 after buying an additional 2,261,778 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Rhythm Pharmaceuticals by 172.0% in the third quarter. Goldman Sachs Group Inc. now owns 2,905,319 shares of the company’s stock valued at $37,943,000 after purchasing an additional 1,837,108 shares during the period. Rock Springs Capital Management LP lifted its position in Rhythm Pharmaceuticals by 97.2% in the first quarter. Rock Springs Capital Management LP now owns 1,237,026 shares of the company’s stock valued at $14,251,000 after purchasing an additional 609,846 shares during the period. Morgan Stanley lifted its position in Rhythm Pharmaceuticals by 342.8% in the second quarter. Morgan Stanley now owns 446,606 shares of the company’s stock valued at $8,744,000 after purchasing an additional 345,757 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Rhythm Pharmaceuticals by 36.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 684,746 shares of the company’s stock valued at $6,834,000 after acquiring an additional 182,476 shares during the period.

NASDAQ:RYTM opened at $3.12 on Friday. The stock’s fifty day moving average is $8.18 and its two-hundred day moving average is $9.04. Rhythm Pharmaceuticals has a 52 week low of $3.06 and a 52 week high of $22.48. The stock has a market capitalization of $157.23 million, a price-to-earnings ratio of -0.95 and a beta of 1.69.

About Rhythm Pharmaceuticals (Get Rating)

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.

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