JMP Securities Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

JMP Securities began coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report published on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $64.00 target price on the stock.

Separately, Needham & Company LLC reiterated a buy rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $57.88.

Rhythm Pharmaceuticals Stock Up 1.7 %

Shares of RYTM stock opened at $54.55 on Tuesday. Rhythm Pharmaceuticals has a 12 month low of $20.97 and a 12 month high of $55.64. The company has a 50 day simple moving average of $48.08 and a two-hundred day simple moving average of $43.08.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business had revenue of $29.08 million during the quarter, compared to analyst estimates of $28.79 million. During the same period in the prior year, the business posted ($0.82) earnings per share. The company’s revenue was up 51.3% on a year-over-year basis. On average, research analysts expect that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $49.06, for a total transaction of $68,438.70. Following the completion of the transaction, the insider now owns 31,735 shares in the company, valued at approximately $1,556,919.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the sale, the insider now owns 31,735 shares in the company, valued at $1,556,919.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Shulman sold 5,313 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $50.01, for a total transaction of $265,703.13. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at $1,500.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,033 shares of company stock valued at $6,214,392. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in Rhythm Pharmaceuticals by 348.9% during the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after purchasing an additional 26,214 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Rhythm Pharmaceuticals by 30.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 86,967 shares of the company’s stock worth $3,768,000 after buying an additional 20,259 shares during the period. Castleark Management LLC purchased a new position in Rhythm Pharmaceuticals during the 1st quarter worth approximately $2,769,000. Bayesian Capital Management LP acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at approximately $665,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after acquiring an additional 77,208 shares during the last quarter.

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.