Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price raised by Canaccord Genuity Group from $77.00 to $80.00 in a report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently commented on RYTM. HC Wainwright reaffirmed a “buy” rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Needham & Company LLC boosted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America increased their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Guggenheim started coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. Finally, JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.80.

Rhythm Pharmaceuticals Stock Up 11.4 %

Rhythm Pharmaceuticals stock opened at $62.65 on Wednesday. The stock has a market cap of $3.83 billion, a P/E ratio of -14.37 and a beta of 2.09. The company’s 50 day moving average price is $50.25 and its two-hundred day moving average price is $45.46. Rhythm Pharmaceuticals has a 52 week low of $23.83 and a 52 week high of $64.73.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same period in the previous year, the firm earned ($0.76) EPS. The firm’s quarterly revenue was up 47.6% on a year-over-year basis. On average, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.45 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 3,200 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $160,032.00. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at $675,135. 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 is available through this link. In other news, Director Lynn A. Tetrault sold 4,300 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total transaction of $215,043.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $150,030. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Pamela J. Cramer sold 3,200 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total transaction of $160,032.00. Following the transaction, the insider now owns 13,500 shares in the company, valued at $675,135. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 109,857 shares of company stock worth $5,325,446. 5.60% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Rhythm Pharmaceuticals by 158.0% in the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock worth $953,000 after buying an additional 11,137 shares during the period. Principal Financial Group Inc. boosted its position in shares of Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after purchasing an additional 23,054 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Rhythm Pharmaceuticals by 19.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company’s stock worth $2,167,000 after buying an additional 6,741 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 64.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,758 shares of the company’s stock worth $616,000 after buying an additional 4,595 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Rhythm Pharmaceuticals by 21.5% during the third 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.

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.