Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at HC Wainwright

Stock analysts at HC Wainwright started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued on Wednesday, Benzinga reports. The firm set a “buy” rating and a $64.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 20.37% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday. They set an “outperform” rating and a $64.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.88.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM opened at $53.17 on Wednesday. The business has a fifty day moving average price of $47.73 and a two-hundred day moving average price of $42.92. The stock has a market capitalization of $3.24 billion, a PE ratio of -11.48 and a beta of 2.07. Rhythm Pharmaceuticals has a fifty-two week low of $20.97 and a fifty-two week high of $54.85.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.16. The company had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.82) earnings per share. As a group, sell-side analysts expect that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the sale, the insider now directly owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $609,525. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the transaction, the insider now directly owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,282 shares of company stock valued at $4,550,639. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC raised its holdings in shares of Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after acquiring an additional 253 shares in the last quarter. ORG Partners LLC purchased a new stake in Rhythm Pharmaceuticals during the second quarter valued at about $51,000. Quest Partners LLC lifted its stake in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after purchasing an additional 1,391 shares during the last quarter. Quarry LP purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $69,000. Finally, ZRC Wealth Management LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock worth $85,000 after purchasing an additional 1,571 shares in the last quarter.

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.