Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at JMP Securities

JMP Securities began coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report released on Tuesday, MarketBeat reports. The brokerage set an “outperform” rating and a $64.00 price target on the stock. JMP Securities’ price target would indicate a potential upside of 19.31% from the stock’s current price.

Separately, Needham & Company LLC restated a “buy” rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $57.88.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $53.64 on Tuesday. Rhythm Pharmaceuticals has a 52 week low of $20.97 and a 52 week high of $54.88. The stock has a market capitalization of $3.27 billion, a P/E ratio of -11.59 and a beta of 2.07. The stock has a fifty day moving average of $47.92 and a 200-day moving average of $43.00.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The firm had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same quarter in the previous year, the company posted ($0.82) EPS. The business’s revenue was up 51.3% on a year-over-year basis. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 10,468 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,590. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total value of $868,924.65. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $148,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Shulman sold 10,468 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,590. The disclosure for this sale can be found here. Insiders have sold a total of 95,282 shares of company stock valued at $4,550,639 in the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC grew its position in Rhythm Pharmaceuticals by 5.4% in the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after acquiring an additional 178,000 shares in the last quarter. Algert Global LLC grew its position in Rhythm Pharmaceuticals by 50.8% in the second quarter. Algert Global LLC now owns 104,132 shares of the company’s stock worth $4,276,000 after acquiring an additional 35,084 shares in the last quarter. Frazier Life Sciences Management L.P. grew its position 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 worth $97,366,000 after acquiring an additional 181,125 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after purchasing an additional 326,865 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Rhythm Pharmaceuticals by 3.5% in the second quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock worth $2,024,000 after purchasing an additional 1,667 shares during the last quarter.

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.