HC Wainwright Reaffirms “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $69.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 11.38% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Needham & Company LLC increased their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. TD Cowen increased their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JMP Securities began coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. Bank of America raised their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Guggenheim began coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.30.

Rhythm Pharmaceuticals Trading Up 3.4 %

Rhythm Pharmaceuticals stock opened at $61.95 on Monday. Rhythm Pharmaceuticals has a twelve month low of $31.52 and a twelve month high of $68.58. The stock has a 50 day moving average of $53.56 and a two-hundred day moving average of $47.43. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of -13.84 and a beta of 2.09.

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

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,099 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $50.03, for a total transaction of $205,072.97. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $675,405. The trade was a 23.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lynn A. Tetrault sold 17,501 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total value of $868,924.65. Following the sale, the director now directly 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 138,181 shares of company stock valued at $8,359,750 over the last three months. 5.60% of the stock is owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RYTM. Sei Investments Co. increased its holdings in Rhythm Pharmaceuticals by 85.8% in the first quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock valued at $497,000 after buying an additional 5,296 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Rhythm Pharmaceuticals by 2.4% during the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after buying an additional 77,208 shares during the period. American International Group Inc. boosted its position in shares of Rhythm Pharmaceuticals by 3.1% during the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after buying an additional 781 shares during the period. Bayesian Capital Management LP acquired a new position in shares of Rhythm Pharmaceuticals during the first quarter worth approximately $665,000. Finally, Castleark Management LLC acquired a new position in shares of Rhythm Pharmaceuticals during the first quarter worth approximately $2,769,000.

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.