Rhythm Pharmaceuticals (NASDAQ:RYTM) Downgraded to “Neutral” at Bank of America

Bank of America cut shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has $42.00 target price on the stock, down from their previous target price of $49.00.

A number of other equities analysts have also issued reports on RYTM. Wells Fargo & Company decreased their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating for the company in a research note on Thursday, April 18th. The Goldman Sachs Group boosted their price target on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a buy rating in a research report on Thursday, January 25th. Finally, Needham & Company LLC reduced their price objective on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a buy rating for the company in a research report on Tuesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $54.33.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $38.92 on Wednesday. Rhythm Pharmaceuticals has a 12 month low of $15.50 and a 12 month high of $52.57. The stock’s 50 day moving average price is $40.68 and its 200 day moving average price is $39.85. The stock has a market cap of $2.37 billion, a P/E ratio of -12.16 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The company had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. During the same quarter in the prior year, the firm earned ($0.92) earnings per share. Rhythm Pharmaceuticals’s revenue for the quarter was up 126.1% compared to the same quarter last year. Equities analysts anticipate that Rhythm Pharmaceuticals will post -4.02 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CEO David P. Meeker sold 45,494 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the sale, the chief executive officer now owns 174,605 shares in the company, valued at $6,848,008.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $62,118.42. Following the transaction, the chief financial officer now directly owns 80,413 shares of the company’s stock, valued at $4,131,619.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David P. Meeker sold 45,494 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $1,784,274.68. Following the sale, the chief executive officer now owns 174,605 shares of the company’s stock, valued at $6,848,008.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 172,069 shares of company stock worth $7,626,355. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RYTM. Perceptive Advisors LLC raised its position in Rhythm Pharmaceuticals by 465.6% during the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock valued at $99,024,000 after acquiring an additional 1,773,282 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in Rhythm Pharmaceuticals during the fourth quarter worth $12,477,000. Polar Capital Holdings Plc raised its holdings in Rhythm Pharmaceuticals by 11.1% during the third quarter. Polar Capital Holdings Plc now owns 2,500,000 shares of the company’s stock valued at $57,312,000 after buying an additional 250,000 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Rhythm Pharmaceuticals by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company’s stock worth $148,342,000 after buying an additional 212,370 shares during the last quarter. Finally, Hudson Bay Capital Management LP bought a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth about $4,757,000.

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.