HC Wainwright Reiterates Buy Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

HC Wainwright restated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $69.00 target price on the stock.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Needham & Company LLC lifted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Bank of America lifted their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. TD Cowen lifted their price objective 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. Finally, JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. One equities research 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $60.37 on Wednesday. The stock has a market capitalization of $3.71 billion, a P/E ratio of -13.94 and a beta of 2.14. Rhythm Pharmaceuticals has a 1 year low of $34.17 and a 1 year high of $68.58. The business’s fifty day moving average is $54.78 and its two-hundred day moving average is $48.45.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm’s revenue was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.76) earnings per share. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 91.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares in the company, valued at $64,472.76. The trade was a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 138,181 shares of company stock valued at $8,359,750. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently bought and sold shares of RYTM. CWM LLC increased its position in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the last quarter. ORG Partners LLC acquired a new position in Rhythm Pharmaceuticals during the second quarter worth $51,000. ORG Wealth Partners LLC acquired a new position in Rhythm Pharmaceuticals during the third quarter worth $63,000. Quest Partners LLC boosted its holdings in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after acquiring an additional 1,391 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares during the period.

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.