Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives “Buy” Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Monday,Benzinga reports. HC Wainwright currently has a $69.00 target price on the stock.

RYTM has been the topic of a number of other reports. TD Cowen lifted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 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 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Bank of America boosted their target price 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. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. Finally, Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $59.92 on Monday. The firm’s fifty day moving average price is $53.35 and its 200 day moving average price is $47.28. Rhythm Pharmaceuticals has a 1-year low of $31.52 and a 1-year high of $68.58. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of -13.84 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. 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) EPS. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% on a year-over-year basis. As a group, analysts expect that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 972 shares of the company’s stock, valued at approximately $64,472.76. The trade was a 98.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 4,099 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total transaction of $205,072.97. Following the completion of the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $675,405. The trade was a 23.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 138,181 shares of company stock worth $8,359,750 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its holdings in shares of Rhythm Pharmaceuticals by 348.9% during the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock worth $1,385,000 after purchasing an additional 26,214 shares during the period. Castleark Management LLC purchased a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at approximately $2,769,000. Bayesian Capital Management LP purchased a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at approximately $665,000. Principal Financial Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 241.9% during the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after buying an additional 23,054 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its stake in shares of Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after buying an additional 181,125 shares during the last quarter.

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.