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

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $64.67.

RYTM has been the topic of a number of recent research reports. Bank of America upped their price target 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. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. JMP Securities began coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, December 4th. Finally, Guggenheim assumed coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at $877,500. This represents a 25.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,830 shares of company stock valued at $5,622,000. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after buying an additional 178,000 shares during the last quarter. Frazier Life Sciences Management L.P. grew its stake in Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC increased its position in Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after buying an additional 3,499 shares in the last quarter. Driehaus Capital Management LLC raised its stake 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 valued at $48,548,000 after buying an additional 326,865 shares during the last quarter. Finally, Alkeon Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 16.8% in the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock worth $61,176,000 after acquiring an additional 167,700 shares in the last quarter.

Rhythm Pharmaceuticals Stock Down 5.5 %

RYTM opened at $53.69 on Thursday. The company has a market capitalization of $3.30 billion, a PE ratio of -12.40 and a beta of 2.14. The firm has a 50-day simple moving average of $56.00 and a two-hundred day simple moving average of $49.79. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58.

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, beating the consensus estimate of ($0.80) by $0.07. The business had revenue of $33.20 million during 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 for the quarter was up 47.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.76) EPS. As a group, sell-side analysts expect that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current year.

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.