Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at Oppenheimer

Equities research analysts at Oppenheimer initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $76.00 price target on the stock. Oppenheimer’s price objective would indicate a potential upside of 35.42% from the company’s current price.

RYTM has been the subject of a number of other reports. JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. HC Wainwright restated a “buy” rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 4th. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Guggenheim started coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. Finally, TD Cowen raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.80.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $56.12 on Friday. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The business’s fifty day moving average is $56.39 and its 200 day moving average is $50.06. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of -12.96 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $32.52 million. During the same period in the prior year, the business posted ($0.76) earnings per share. The company’s revenue was up 47.6% on a year-over-year basis. Equities analysts predict that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at $877,500. This represents a 25.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now owns 972 shares in the company, valued at approximately $64,472.76. This represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,830 shares of company stock worth $5,622,000. 5.60% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. CWM LLC increased its stake in shares of Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter valued at about $63,000. Quest Partners LLC increased 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 acquiring an additional 1,391 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares during the last quarter. Finally, Creative Planning purchased a new stake in shares of Rhythm Pharmaceuticals during the third quarter worth about $450,000.

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.