Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $62.30.

Several brokerages recently weighed in on RYTM. Bank of America boosted their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. TD Cowen raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Finally, HC Wainwright restated a “buy” rating and set a $69.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, November 25th.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,099 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $675,405. The trade was a 23.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction 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 transaction, the director now owns 3,000 shares in the company, valued at $148,950. This trade represents a 85.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,181 shares of company stock worth $8,359,750. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently modified their holdings of RYTM. Sei Investments Co. boosted its position in Rhythm Pharmaceuticals by 85.8% during the 1st quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock valued at $497,000 after purchasing an additional 5,296 shares during the period. Vanguard Group Inc. grew its position in Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after purchasing an additional 77,208 shares during the last quarter. American International Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 3.1% in the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after purchasing an additional 781 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of 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 purchasing an additional 310,000 shares during the period. Finally, Bayesian Capital Management LP acquired a new position in shares of Rhythm Pharmaceuticals during the first quarter worth approximately $665,000.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $62.04 on Friday. Rhythm Pharmaceuticals has a 12 month low of $32.22 and a 12 month high of $68.58. The firm has a market capitalization of $3.81 billion, a PE ratio of -14.33 and a beta of 2.09. The company’s 50 day simple moving average is $54.24 and its 200-day simple moving average is $47.99.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter last year, the business posted ($0.76) earnings per share. Rhythm Pharmaceuticals’s revenue was up 47.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current year.

Rhythm Pharmaceuticals Company Profile

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.