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

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $69.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 22.95% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday. They issued an “outperform” rating and a $76.00 target price for the company. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 price target on the stock. JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Bank of America lifted their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $65.80.

Rhythm Pharmaceuticals Stock Up 1.2 %

Rhythm Pharmaceuticals stock opened at $56.12 on Monday. The firm has a 50-day moving average price of $56.39 and a two-hundred day moving average price of $50.13. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The firm has a market capitalization 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 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 the consensus estimate of $32.52 million. During the same quarter in the previous year, the business earned ($0.76) EPS. The firm’s revenue for the quarter was up 47.6% on a year-over-year basis. Research analysts expect that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was 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 owns 13,500 shares in the company, valued at approximately $877,500. This represents a 25.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction that occurred 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 directly owns 972 shares in the company, valued at $64,472.76. The trade was a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,830 shares of company stock valued at $5,622,000. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Loomis Sayles & Co. L P acquired a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at $33,353,000. Driehaus Capital Management LLC boosted its stake in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after purchasing an additional 326,865 shares during the period. Candriam S.C.A. acquired a new stake in Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $11,143,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in Rhythm Pharmaceuticals by 32.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after buying an additional 236,600 shares during the period. Finally, Frazier Life Sciences Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 8.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after buying an additional 181,125 shares during the last quarter.

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.