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

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a report released on Tuesday,Benzinga reports. They presently have a $80.00 price objective on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 33.40% from the stock’s current price.

A number of other equities research analysts have also weighed in on RYTM. Bank of America lifted their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. Needham & Company LLC boosted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. Finally, HC Wainwright boosted 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 analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Trading Up 2.5 %

Shares of RYTM stock traded up $1.47 during trading hours on Tuesday, reaching $59.97. 676,146 shares of the stock were exchanged, compared to its average volume of 549,711. Rhythm Pharmaceuticals has a 12-month low of $31.52 and a 12-month high of $68.58. The company’s 50-day moving average price is $52.37 and its 200-day moving average price is $46.64. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -13.85 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. During the same quarter last year, the business posted ($0.76) EPS. The firm’s revenue for the quarter was up 47.6% on a year-over-year basis. On average, sell-side analysts expect that Rhythm Pharmaceuticals will post -4.36 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares in the company, valued at $64,472.76. This trade represents a 98.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pamela J. Cramer sold 3,200 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total transaction of $160,032.00. Following the completion of the transaction, the insider now owns 13,500 shares in the company, valued at approximately $675,135. This trade represents a 19.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 145,681 shares of company stock valued at $8,734,825. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently made changes to their positions in the stock. Castleark Management LLC lifted its holdings in Rhythm Pharmaceuticals by 1.3% in the 3rd quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after purchasing an additional 250 shares in the last quarter. CWM LLC increased its position in Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position 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 purchasing an additional 391 shares in the last quarter. American International Group Inc. grew its position in Rhythm Pharmaceuticals by 3.1% in the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after acquiring an additional 781 shares in the last quarter. Finally, ORG Partners LLC acquired a new stake in Rhythm Pharmaceuticals in the second quarter valued at approximately $51,000.

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.