Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives Market Outperform Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report sent to investors on Monday,Benzinga reports. They currently have a $75.00 target price on the stock.

Several other brokerages have also recently commented on RYTM. The Goldman Sachs Group boosted their target price on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Bank of America raised their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $66.90.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $56.04 on Monday. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The stock’s fifty day moving average is $56.51 and its 200-day moving average is $50.25. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -12.94 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.76) EPS. Analysts forecast that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Activity

In other news, insider Pamela J. Cramer sold 4,688 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at $877,500. This trade represents a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Shulman sold 13,281 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Insiders have sold 84,830 shares of company stock worth $5,622,000 over the last 90 days. 5.60% of the stock is owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors have recently made changes to their positions in RYTM. ORG Wealth Partners LLC purchased a new stake in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $63,000. Quest Partners LLC raised its stake in shares of Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after purchasing an additional 1,391 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 valued at $114,000 after buying an additional 391 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Rhythm Pharmaceuticals by 32.8% in the 2nd quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock valued at $391,000 after buying an additional 2,352 shares in the last quarter. Finally, Creative Planning bought a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at approximately $450,000.

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.