Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at Guggenheim

Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $70.00 price objective on the stock.

Several other research firms also recently weighed in on RYTM. Bank of America raised their price target on shares of 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 restated a “buy” rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, October 7th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.33.

Rhythm Pharmaceuticals Stock Down 1.3 %

RYTM opened at $50.19 on Monday. The company has a market cap of $3.07 billion, a PE ratio of -11.51 and a beta of 2.07. Rhythm Pharmaceuticals has a twelve month low of $21.34 and a twelve month high of $55.64. The company has a 50-day moving average price of $49.12 and a 200 day moving average price of $44.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The business had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business’s revenue was up 51.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.82) earnings per share. As a group, sell-side analysts expect that Rhythm Pharmaceuticals will post -4.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total value of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. The trade was a 0.00 % decrease in their position. The transaction 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 stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the transaction, the insider now directly owns 31,735 shares of the company’s stock, valued at $1,556,919.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,252 shares of company stock valued at $5,393,885 over the last quarter. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Creative Planning acquired a new position in Rhythm Pharmaceuticals during the 3rd quarter worth about $450,000. ORG Wealth Partners LLC purchased a new stake in Rhythm Pharmaceuticals during the third quarter worth about $63,000. Exchange Traded Concepts LLC lifted its position in shares of Rhythm Pharmaceuticals by 26.3% during the third quarter. Exchange Traded Concepts LLC now owns 15,057 shares of the company’s stock worth $789,000 after purchasing an additional 3,137 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Rhythm Pharmaceuticals by 21.4% in the third quarter. Handelsbanken Fonder AB now owns 19,321 shares of the company’s stock valued at $1,012,000 after purchasing an additional 3,400 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Rhythm Pharmaceuticals by 32.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock valued at $39,715,000 after purchasing an additional 236,600 shares during the period.

Rhythm Pharmaceuticals Company Profile

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.