Rhythm Pharmaceuticals’ (RYTM) Buy Rating Reaffirmed at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity Group in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $80.00 price objective on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 34.77% from the stock’s previous close.

RYTM has been the subject of several other research reports. TD Cowen boosted their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America upped their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC boosted their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Guggenheim started coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. Finally, JMP Securities started 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. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.30.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $59.36 on Tuesday. Rhythm Pharmaceuticals has a 1-year low of $31.52 and a 1-year high of $68.58. The business has a fifty day moving average price of $52.74 and a 200-day moving average price of $46.88. The stock has a market capitalization of $3.65 billion, a P/E ratio of -13.71 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share 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 firm had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter in the previous year, the business earned ($0.76) earnings per share. The company’s revenue was up 47.6% on a year-over-year basis. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at approximately $150,030. This represents a 58.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $675,135. This represents a 19.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 145,681 shares of company stock valued at $8,734,825 over the last quarter. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in shares of Rhythm Pharmaceuticals by 85.8% during the 1st quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock valued at $497,000 after buying an additional 5,296 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Rhythm Pharmaceuticals by 12.4% during the 1st quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock valued at $598,000 after buying an additional 1,527 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after buying an additional 77,208 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Rhythm Pharmaceuticals by 53.8% during the 1st quarter. National Bank of Canada FI now owns 367,517 shares of the company’s stock valued at $15,925,000 after buying an additional 128,517 shares during the last quarter. Finally, American International Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 3.1% during the 1st quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after acquiring an additional 781 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.