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

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

Several other research analysts also recently issued reports on RYTM. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 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 report on Wednesday, November 6th. Needham & Company LLC increased their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. 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. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a report on Friday. They set an “outperform” rating and a $76.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.80.

Rhythm Pharmaceuticals Trading Up 1.2 %

Shares of Rhythm Pharmaceuticals stock opened at $56.12 on Monday. The company has a 50-day moving average of $56.39 and a two-hundred day moving average of $50.13. Rhythm Pharmaceuticals has a 12-month low of $35.17 and a 12-month high of $68.58. The stock has a market cap of $3.45 billion, a PE ratio of -12.96 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data 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. The firm had revenue of $33.20 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 47.6% on a year-over-year basis. During the same period last year, the business posted ($0.76) EPS. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, 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 sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The disclosure for this sale can be found here. Insiders have sold 84,830 shares of company stock worth $5,622,000 over the last quarter. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Loomis Sayles & Co. L P acquired a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at approximately $33,353,000. Driehaus Capital Management LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after buying an additional 326,865 shares during the period. Candriam S.C.A. bought a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at about $11,143,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after acquiring an additional 236,600 shares during the period. Finally, Frazier Life Sciences Management L.P. raised its stake in 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 acquiring an additional 181,125 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.