Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Gap Up Following Analyst Upgrade

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) gapped up before the market opened on Monday after Canaccord Genuity Group raised their price target on the stock from $81.00 to $92.00. The stock had previously closed at $46.95, but opened at $48.33. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals shares last traded at $46.63, with a volume of 609,459 shares.

A number of other research analysts have also recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday. JMP Securities reiterated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a report on Monday. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $74.92.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the sale, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This represents a 32.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the transaction, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at approximately $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after acquiring an additional 400 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. bought a new stake in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $37,000. R Squared Ltd purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at $44,000. Finally, State of Wyoming bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $61,000.

Rhythm Pharmaceuticals Price Performance

The company has a 50 day simple moving average of $54.57 and a 200-day simple moving average of $55.15. The stock has a market cap of $3.65 billion, a P/E ratio of -13.33 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business had revenue of $41.83 million during the quarter, compared to the consensus estimate of $38.48 million. As a group, research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

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.