Rhythm Pharmaceuticals’ (RYTM) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report released on Tuesday morning,Benzinga reports. They currently have a $80.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. Guggenheim began coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective for the company. TD Cowen lifted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America boosted their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Finally, HC Wainwright lifted their target price on shares of Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.30.

Rhythm Pharmaceuticals Stock Down 0.2 %

Shares of NASDAQ RYTM opened at $59.27 on Tuesday. Rhythm Pharmaceuticals has a twelve month low of $31.52 and a twelve month high of $68.58. The company’s fifty day moving average is $52.94 and its 200-day moving average is $46.97. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -13.69 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company 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% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.76) earnings per share. On average, research analysts anticipate that Rhythm Pharmaceuticals will post -4.36 EPS for the current fiscal year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company’s stock, valued at $150,030. This represents a 58.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 3,200 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at $675,135. This represents a 19.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 145,681 shares of company stock worth $8,734,825 in the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC increased its holdings in Rhythm Pharmaceuticals by 348.9% during the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock worth $1,385,000 after buying an additional 26,214 shares during the last quarter. Castleark Management LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $2,769,000. Bayesian Capital Management LP bought a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter worth approximately $665,000. Frazier Life Sciences Management L.P. lifted its stake in Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Finally, Creative Planning purchased a new position in Rhythm Pharmaceuticals in the third 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.