Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

Several other brokerages have also recently issued reports on RYTM. Needham & Company LLC upped 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. JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. TD Cowen boosted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Bank of America increased their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Stock Up 1.5 %

NASDAQ RYTM opened at $59.94 on Tuesday. The company has a market cap of $3.68 billion, a price-to-earnings ratio of -13.69 and a beta of 2.09. Rhythm Pharmaceuticals has a twelve month low of $31.52 and a twelve month high of $68.58. The business’s fifty day moving average is $53.14 and its 200 day moving average is $47.05.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates 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 period last year, the firm posted ($0.76) earnings per share. The business’s revenue for the quarter was up 47.6% on a year-over-year basis. On average, research analysts anticipate that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at $150,030. The trade was a 58.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 3,200 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at $675,135. The trade was a 19.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 145,681 shares of company stock worth $8,734,825. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. CWM LLC grew its holdings in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $51,000. ORG Wealth Partners LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the third quarter valued at about $63,000. Quest Partners LLC lifted its position in shares of Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after purchasing an additional 391 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.