Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading 11.9% Higher After Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) rose 11.9% on Tuesday after Canaccord Genuity Group raised their price target on the stock from $81.00 to $92.00. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $59.11 and last traded at $61.48. Approximately 97,534 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 524,587 shares. The stock had previously closed at $54.96.

Several other analysts have also commented on RYTM. Stifel Nicolaus assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They set a “buy” rating and a $78.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Bank of America raised Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Monday. JMP Securities reaffirmed a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.92.

Insider Activity at Rhythm Pharmaceuticals

In other news, CAO Christopher Paul German sold 635 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. This represents a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 40,370 shares in the company, valued at $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. Over the last ninety days, insiders have sold 108,131 shares of company stock valued at $5,781,098. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

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

Rhythm Pharmaceuticals Trading Up 4.3 %

The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -13.91 and a beta of 2.32. The company has a fifty day moving average price of $54.61 and a 200-day moving average price of $55.25.

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

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.