Rhythm Pharmaceuticals’ (RYTM) Market Outperform Rating Reiterated at JMP Securities

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “market outperform” rating reiterated by research analysts at JMP Securities in a note issued to investors on Monday,Benzinga reports. They currently have a $75.00 target price on the stock. JMP Securities’ target price would indicate a potential upside of 34.29% from the company’s previous close.

Other research analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday. Needham & Company LLC raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. TD Cowen boosted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.90.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $55.85 on Monday. Rhythm Pharmaceuticals has a 1-year low of $35.17 and a 1-year high of $68.58. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -12.90 and a beta of 2.14. The stock has a 50 day simple moving average of $56.51 and a 200-day simple moving average of $50.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. During the same period in the prior year, the business posted ($0.76) earnings per share. The firm’s revenue for the quarter was up 47.6% on a year-over-year basis. Analysts anticipate that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Joseph Shulman sold 13,281 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.44, for a total transaction of $882,389.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of the company’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 transaction, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. The trade was a 25.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,830 shares of company stock valued at $5,622,000. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Castleark Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 1.3% during the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after buying an additional 250 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after buying an additional 391 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the 3rd quarter worth about $63,000. Quest Partners LLC raised its position in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after buying an additional 1,391 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Rhythm Pharmaceuticals by 3.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock valued at $2,024,000 after acquiring an additional 1,667 shares in 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.