Rhythm Pharmaceuticals (NASDAQ:RYTM) Research Coverage Started at Oppenheimer

Oppenheimer began coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Friday morning, MarketBeat reports. The brokerage issued an outperform rating and a $76.00 price objective on the stock.

RYTM has been the subject of several other research reports. Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Needham & Company LLC boosted their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 4th. Canaccord Genuity Group reiterated a “buy” rating and set a $80.00 target price on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, TD Cowen upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $65.80.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $56.12 on Friday. The business’s 50 day moving average price is $56.39 and its 200-day moving average price is $50.13. Rhythm Pharmaceuticals has a fifty-two week low of $35.17 and a fifty-two week high of $68.58. The company has a market cap of $3.45 billion, a P/E ratio of -12.96 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the prior year, the firm posted ($0.76) earnings per share. The business’s revenue for the quarter was up 47.6% on a year-over-year basis. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.34 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Jennifer Kayden Lee sold 66,861 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. The trade was a 98.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Shulman sold 13,281 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,830 shares of company stock valued at $5,622,000. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of RYTM. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Rhythm Pharmaceuticals by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 191,871 shares of the company’s stock worth $7,878,000 after purchasing an additional 24,033 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Rhythm Pharmaceuticals by 32.8% during the second quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock worth $391,000 after purchasing an additional 2,352 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 83,063 shares of the company’s stock valued at $3,411,000 after purchasing an additional 6,339 shares during the last quarter. Finally, TD Asset Management Inc boosted its position in shares of Rhythm Pharmaceuticals by 12.3% in the 2nd quarter. TD Asset Management Inc now owns 31,000 shares of the company’s stock worth $1,273,000 after purchasing an additional 3,400 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.