Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at JMP Securities

Equities researchers at JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $64.00 price target on the stock. JMP Securities’ price target points to a potential upside of 19.31% from the stock’s current price.

Separately, Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.88.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $53.64 on Tuesday. The firm has a market cap of $3.27 billion, a P/E ratio of -11.59 and a beta of 2.07. Rhythm Pharmaceuticals has a 1-year low of $20.97 and a 1-year high of $54.88. The firm’s 50-day simple moving average is $47.92 and its 200-day simple moving average is $43.00.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same quarter in the prior year, the company earned ($0.82) EPS. The company’s revenue was up 51.3% on a year-over-year basis. Analysts expect that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the completion of the transaction, the insider now directly owns 30 shares in the company, valued at $1,590. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Joseph Shulman sold 10,468 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total value of $554,804.00. Following the transaction, the insider now owns 30 shares in the company, valued at $1,590. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the transaction, the insider now owns 31,735 shares in the company, valued at approximately $1,556,919.10. The disclosure for this sale can be found here. Insiders sold 95,282 shares of company stock worth $4,550,639 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Perceptive Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 5.4% during the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after acquiring an additional 178,000 shares during the period. Algert Global LLC boosted its stake in shares of Rhythm Pharmaceuticals by 50.8% during the 2nd quarter. Algert Global LLC now owns 104,132 shares of the company’s stock worth $4,276,000 after acquiring an additional 35,084 shares during the period. 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 worth $97,366,000 after acquiring an additional 181,125 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after acquiring an additional 326,865 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in Rhythm Pharmaceuticals by 3.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock valued at $2,024,000 after purchasing an additional 1,667 shares during the period.

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.