Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $62.30 Consensus Target Price from Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $62.30.

A number of equities analysts recently issued reports on RYTM shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price for the company. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price for the company. TD Cowen increased their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Bank of America upped their price target 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.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock opened at $61.95 on Friday. The company has a 50-day simple moving average of $53.56 and a 200-day simple moving average of $47.43. The firm has a market capitalization of $3.81 billion, a P/E ratio of -13.84 and a beta of 2.09. Rhythm Pharmaceuticals has a one year low of $31.52 and a one year high of $68.58.

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

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total transaction of $205,072.97. Following the completion of the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $675,405. This represents a 23.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 138,181 shares of company stock valued at $8,359,750. 5.60% of the stock is owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RYTM. SG Americas Securities LLC increased its holdings in shares of Rhythm Pharmaceuticals by 348.9% in the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after purchasing an additional 26,214 shares during the period. Castleark Management LLC acquired a new position in shares of Rhythm Pharmaceuticals in the 1st quarter valued at about $2,769,000. Principal Financial Group Inc. increased its holdings 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 valued at $1,707,000 after purchasing an additional 23,054 shares during the period. Bayesian Capital Management LP acquired a new position in shares of Rhythm Pharmaceuticals in the 1st quarter valued at about $665,000. Finally, Frazier Life Sciences Management L.P. increased its holdings in shares of Rhythm Pharmaceuticals by 8.3% in the 2nd 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 period.

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.