Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, HC Wainwright Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by HC Wainwright from $64.00 to $69.00 in a research report sent to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. TD Cowen raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target for the company. Finally, Bank of America lifted their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Trading Up 5.4 %

Shares of NASDAQ RYTM opened at $67.33 on Thursday. The stock has a fifty day moving average price of $51.01 and a 200 day moving average price of $45.83. Rhythm Pharmaceuticals has a 12-month low of $26.55 and a 12-month high of $67.61. The company has a market cap of $4.14 billion, a P/E ratio of -15.55 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 286.94% and a negative net margin of 230.07%. The company’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.76) earnings per share. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, Director Lynn A. Tetrault sold 17,501 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $148,950. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Pamela J. Cramer sold 3,200 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lynn A. Tetrault sold 17,501 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $148,950. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,539 shares of company stock worth $3,417,545. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently bought and sold shares of RYTM. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Rhythm Pharmaceuticals by 381.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after purchasing an additional 578,800 shares during the last quarter. Driehaus Capital Management LLC increased its position in Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after buying an additional 326,865 shares during the period. Canada Pension Plan Investment Board lifted its stake in Rhythm Pharmaceuticals by 116.1% in the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after buying an additional 310,000 shares during the last quarter. Candriam S.C.A. acquired a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at $11,143,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 157.7% during the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock valued at $15,371,000 after acquiring an additional 229,056 shares during the period.

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.