Canaccord Genuity Group Reaffirms Buy Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a research note issued on Tuesday,Benzinga reports. They currently have a $80.00 price objective on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 34.77% from the company’s previous close.

A number of other equities research analysts also recently weighed in on RYTM. Bank of America lifted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. JMP Securities started coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price for the company. TD Cowen lifted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. HC Wainwright lifted their target price on Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Guggenheim started coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Trading Down 1.0 %

Shares of RYTM stock opened at $59.36 on Tuesday. The business’s 50-day moving average price is $52.74 and its 200-day moving average price is $46.88. Rhythm Pharmaceuticals has a 12 month low of $31.52 and a 12 month high of $68.58. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -13.71 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm’s quarterly revenue was up 47.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.76) earnings per share. On average, sell-side analysts predict that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the sale, the executive vice president now directly owns 972 shares in the company, valued at approximately $64,472.76. The trade was a 98.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lynn A. Tetrault sold 17,501 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total value of $868,924.65. Following the sale, the director now owns 3,000 shares in the company, valued at approximately $148,950. The trade was a 85.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 145,681 shares of company stock valued at $8,734,825 over the last 90 days. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RYTM. Loomis Sayles & Co. L P bought a new position in Rhythm Pharmaceuticals in the 3rd quarter worth about $33,353,000. Driehaus Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after acquiring an additional 310,000 shares during the period. Candriam S.C.A. purchased a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at about $11,143,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Rhythm Pharmaceuticals by 32.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after buying an additional 236,600 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.