Rhythm Pharmaceuticals’ (RYTM) “Overweight” Rating Reaffirmed at Morgan Stanley

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “overweight” rating reaffirmed by analysts at Morgan Stanley in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $72.00 price target on the stock. Morgan Stanley’s price objective points to a potential upside of 41.23% from the company’s previous close.

Several other brokerages have also recently issued reports on RYTM. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an “outperform” rating and a $76.00 target price for the company. Jefferies Financial Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. The Goldman Sachs Group raised their target price on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Needham & Company LLC reiterated a “buy” rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday, February 27th. Finally, HC Wainwright increased their target price on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.31.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $0.66 during trading on Friday, hitting $50.98. The company had a trading volume of 177,051 shares, compared to its average volume of 489,643. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of -11.73 and a beta of 2.30. The company has a fifty day simple moving average of $56.63 and a two-hundred day simple moving average of $54.45.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. On average, equities research analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CEO David P. Meeker sold 4,278 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $254,241.54. Following the transaction, the chief executive officer now owns 189,927 shares of the company’s stock, valued at approximately $11,287,361.61. The trade was a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joseph Shulman sold 1,281 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now directly owns 2,657 shares of the company’s stock, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Castleark Management LLC raised its position in shares of Rhythm Pharmaceuticals by 1.3% in the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after purchasing an additional 250 shares during the period. Two Sigma Advisers LP grew its position in shares of Rhythm Pharmaceuticals by 2.3% in the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock valued at $733,000 after purchasing an additional 300 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in shares of Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $28,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Rhythm Pharmaceuticals by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock valued at $1,857,000 after purchasing an additional 654 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.