Guggenheim Initiates Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

Equities research analysts at Guggenheim began coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $70.00 price target on the stock. Guggenheim’s price objective would indicate a potential upside of 42.48% from the stock’s current price.

Other analysts also recently issued reports about the company. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, October 7th. Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. Finally, Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.33.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $49.13 on Monday. The company has a market capitalization of $3.00 billion, a P/E ratio of -11.27 and a beta of 2.07. Rhythm Pharmaceuticals has a one year low of $21.34 and a one year high of $55.64. The stock has a 50 day moving average price of $49.18 and a 200-day moving average price of $44.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.82) EPS. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.43 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. This trade represents a 0.00 % 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. In other news, insider Pamela J. Cramer sold 1,395 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the completion of the sale, the insider now directly owns 31,735 shares in the company, valued at approximately $1,556,919.10. This trade represents a 0.00 % 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, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,252 shares of company stock worth $5,393,885. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. CWM LLC increased its stake in shares of Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after buying an additional 253 shares during the period. ORG Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at $51,000. ORG Wealth Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals during the third quarter valued at $63,000. Quest Partners LLC increased its stake 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 buying an additional 1,391 shares during the period. Finally, ZRC Wealth Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 392.8% during the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after buying an additional 1,571 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.