Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 1-Year High – Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $69.50 and last traded at $69.50, with a volume of 115 shares. The stock had previously closed at $67.33.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RYTM shares. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective on the stock. Guggenheim started coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. Bank of America boosted their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Canaccord Genuity Group raised their target price on shares of Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright lifted their target price on shares of Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Stock Performance

The business has a 50-day moving average of $51.73 and a two-hundred day moving average of $46.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.76) EPS. Analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.41 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $150,030. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,539 shares of company stock valued at $3,417,545 in the last 90 days. 5.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Rhythm Pharmaceuticals by 381.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after buying an additional 578,800 shares during the last quarter. Driehaus Capital Management LLC increased its holdings 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 in the last quarter. Canada Pension Plan Investment Board raised its position in Rhythm Pharmaceuticals by 116.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Candriam S.C.A. acquired a new position in Rhythm Pharmaceuticals in the second quarter worth $11,143,000. Finally, Nisa Investment Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 157.7% in the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock worth $15,371,000 after purchasing an additional 229,056 shares in 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.