Rhythm Pharmaceuticals’ (RYTM) “Market Outperform” Rating Reaffirmed at JMP Securities

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “market outperform” rating reissued by stock analysts at JMP Securities in a report released on Monday,Benzinga reports. They presently have a $75.00 price target on the stock. JMP Securities’ price target points to a potential upside of 33.64% from the company’s current price.

A number of other equities research analysts also recently weighed in on RYTM. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Needham & Company LLC upped 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. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a report on Friday. They set an “outperform” rating and a $76.00 price target for the company. TD Cowen upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.90.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $56.12 on Monday. The stock has a market capitalization of $3.45 billion, a PE ratio of -12.96 and a beta of 2.14. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58. The stock has a 50 day moving average price of $56.39 and a 200 day moving average price of $50.13.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) 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 analyst estimates of $32.52 million. During the same quarter in the prior year, the company earned ($0.76) earnings per share. The business’s revenue for the quarter was up 47.6% compared to the same quarter last year. As a group, research analysts forecast that Rhythm Pharmaceuticals will post -4.34 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the transaction, the insider now owns 13,500 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now owns 972 shares of the company’s stock, valued at $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,830 shares of company stock valued at $5,622,000. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RYTM. Perceptive Advisors LLC raised its position in Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after buying an additional 178,000 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its stake in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Rhythm Pharmaceuticals by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after acquiring an additional 3,499 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 shares during the last quarter. Finally, Alkeon Capital Management LLC grew its stake in Rhythm Pharmaceuticals by 16.8% in the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after purchasing an additional 167,700 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.