Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives New Coverage from Analysts at JMP Securities

JMP Securities started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note released on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $64.00 price target on the stock.

Separately, Needham & Company LLC restated a buy rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $57.00.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $53.17 on Tuesday. The stock has a market cap of $3.24 billion, a P/E ratio of -11.48 and a beta of 2.07. The firm has a 50 day moving average price of $47.73 and a 200 day moving average price of $42.92. Rhythm Pharmaceuticals has a 52-week low of $20.97 and a 52-week high of $54.85.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.82) earnings per share. Analysts predict that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 17,501 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total value of $868,924.65. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $148,950. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $49.06, for a total value of $68,438.70. Following the sale, the insider now owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the sale, the director now directly owns 3,000 shares in the company, valued at $148,950. The disclosure for this sale can be found here. Insiders sold 95,282 shares of company stock worth $4,550,639 over the last quarter. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised 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 acquiring an additional 253 shares in the last quarter. ORG Partners LLC bought a new position in shares of Rhythm Pharmaceuticals in the second quarter valued at about $51,000. Quest Partners LLC raised its position in shares of Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares during the period. Quarry LP bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $69,000. Finally, ZRC Wealth Management LLC raised its position in shares of Rhythm Pharmaceuticals by 392.8% in the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after purchasing an additional 1,571 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.