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Pamela J. Cramer, Chief Human Resources Officer at Rhythm Pharmaceuticals, INC. (NASDAQ:RYTM), sold 1,520 shares of common stock on July 29 at a price of $85.93, totaling approximately $130,613. The transaction comes as the $5.6 billion market cap company trades near InvestingPro’s Fair Value estimate, with the stock showing impressive returns of over 75% in the past year.
According to a Form 4 filing with the Securities and Exchange Commission, the sale was executed to cover withholding taxes related to the vesting of restricted stock units. On July 26, Cramer also exercised options to acquire 3,125 shares of Rhythm Pharmaceuticals common stock, and these options had a strike price of $0. The company maintains strong financial health with a current ratio of 3.3 and impressive gross profit margins of nearly 90%.
Following these transactions, Cramer directly owns 20,814 shares of Rhythm Pharmaceuticals. Investors should note that the company is scheduled to report earnings in 7 days, with analysts maintaining a strong buy consensus. Discover more key metrics and 13 additional ProTips with an InvestingPro subscription.
In other recent news, Rhythm Pharmaceuticals has seen several updates regarding its stock ratings and target prices from major financial firms. Canaccord Genuity increased its price target for Rhythm Pharmaceuticals to $105, maintaining a Buy rating, after attending a healthcare conference where obesity treatments were a focal point. BofA Securities also raised its price target to $109, citing positive Phase 2 data for Rhythm’s oral MC4R agonist, bivamelagon, and insights from a pediatric endocrinologist. Citizens JMP set a higher price target of $130, following new data from the Phase 3 TRANSCEND trial and Phase 2 results for bivamelagon. Morgan Stanley (NYSE:MS) reiterated an Overweight rating with a $95 price target, highlighting significant BMI reductions in Phase 2 data for bivamelagon in hypothalamic obesity. Additionally, Goldman Sachs resumed coverage with a Buy rating and a $97 price target, expressing confidence in the potential market size for hypothalamic obesity treatments. These developments reflect a strong interest and optimism in Rhythm Pharmaceuticals’ ongoing research and market potential.
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