Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns “Buy” Rating from HC Wainwright

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They presently have a $69.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 19.34% from the company’s current price.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price target for the company. TD Cowen raised their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Bank of America lifted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.70.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $57.82 on Wednesday. Rhythm Pharmaceuticals has a 1-year low of $35.17 and a 1-year high of $68.58. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of -13.35 and a beta of 2.14. The company’s 50-day moving average is $54.91 and its two-hundred day moving average is $48.51.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same period in the previous year, the company posted ($0.76) EPS. Rhythm Pharmaceuticals’s revenue was up 47.6% compared to the same quarter last year. As a group, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.03, for a total value of $205,072.97. Following the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $675,405. This represents a 23.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $148,950. This represents a 85.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,181 shares of company stock worth $8,359,750. 5.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after buying an additional 253 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC acquired a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at approximately $63,000. Quest Partners LLC boosted its position in Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in 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 last quarter.

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.