Rhythm Pharmaceuticals’ (RYTM) Buy Rating Reaffirmed at HC Wainwright

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $69.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 23.55% from the stock’s current price.

RYTM has been the topic of a number of other research reports. Bank of America increased their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Needham & Company LLC boosted their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $70.00 price target on the stock. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.90.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $55.85 on Monday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of -12.90 and a beta of 2.14. The company has a fifty day moving average price of $56.51 and a two-hundred day moving average price of $50.25. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released 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 net margin of 230.07% and a negative return on equity of 367.36%. 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 firm earned ($0.76) EPS. The business’s revenue was up 47.6% on a year-over-year basis. Research analysts anticipate that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction on Monday, November 11th. The shares were 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 of the company’s stock, valued at approximately $64,472.76. This represents a 98.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 13,281 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,830 shares of company stock worth $5,622,000. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. ORG Wealth Partners LLC bought a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter valued at about $63,000. Quest Partners LLC boosted its stake in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after buying an additional 1,391 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 buying an additional 391 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Rhythm Pharmaceuticals by 32.8% during the 2nd quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock valued at $391,000 after buying an additional 2,352 shares in the last quarter. Finally, Creative Planning purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $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.