Rhythm Pharmaceuticals (NASDAQ:RYTM) Given “Market Outperform” Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Monday,Benzinga reports. The firm currently has a $75.00 target price on the stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC increased their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Guggenheim started 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. Bank of America increased their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a report on Friday. They set an “outperform” rating and a $76.00 price objective on the stock. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.90.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $56.04 on Monday. The firm has a market cap of $3.44 billion, a P/E ratio of -12.94 and a beta of 2.14. The business has a 50 day moving average price of $56.51 and a 200 day moving average price of $50.25. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals’s revenue for the quarter was up 47.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.76) earnings per share. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the sale, the insider now owns 13,500 shares in the company, valued at approximately $877,500. This represents a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Shulman sold 13,281 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was 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 sold 84,830 shares of company stock worth $5,622,000 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several large investors have recently bought and sold shares of the business. ORG Wealth Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at $63,000. Quest Partners LLC boosted its holdings in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after buying an additional 1,391 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after buying an additional 391 shares during the period. Principal Financial Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 32.8% in the 2nd quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock valued at $391,000 after acquiring an additional 2,352 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at approximately $450,000.

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.