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

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $69.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 15.12% from the stock’s current price.

Other analysts have also issued research reports about the stock. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 price objective on the stock. Bank of America lifted their target price on 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 increased their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.30.

Rhythm Pharmaceuticals Trading Up 1.5 %

Shares of NASDAQ:RYTM opened at $59.94 on Monday. The stock’s 50-day moving average price is $53.35 and its two-hundred day moving average price is $47.22. Rhythm Pharmaceuticals has a 12-month low of $31.52 and a 12-month high of $68.58. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of -13.84 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) EPS 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 analyst estimates of $32.52 million. During the same period in the prior year, the firm posted ($0.76) earnings per share. The firm’s revenue was up 47.6% on a year-over-year basis. As a group, research analysts forecast that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.03, for a total transaction of $205,072.97. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $675,405. This trade represents a 23.29 % 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, EVP Jennifer Kayden Lee sold 66,861 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now 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. Insiders sold 138,181 shares of company stock worth $8,359,750 over the last three months. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently bought and sold shares of RYTM. Castleark Management LLC lifted its stake in Rhythm Pharmaceuticals by 1.3% during the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after buying an additional 250 shares in the last quarter. CWM LLC lifted its position 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. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after purchasing an additional 391 shares during the period. American International Group Inc. boosted its stake in Rhythm Pharmaceuticals by 3.1% in the 1st quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after purchasing an additional 781 shares during the period. Finally, ORG Partners LLC purchased a new position in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $51,000.

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.