Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives Average Rating of “Buy” from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has earned a consensus rating of “Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Thirteen research analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $75.38.

A number of research analysts have recently commented on the stock. Bank of America raised shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Monday, April 7th. Morgan Stanley reissued an “overweight” rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Needham & Company LLC raised their target price on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research report on Tuesday, April 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $59.93 on Friday. The business’s 50-day moving average is $57.73 and its two-hundred day moving average is $57.37. The firm has a market capitalization of $3.81 billion, a PE ratio of -13.84 and a beta of 2.36. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The company had revenue of $37.72 million for the quarter, compared to analysts’ expectations of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.35) earnings per share. Equities analysts anticipate that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the transaction, the executive vice president now directly owns 40,370 shares in the company, valued at $2,078,247.60. This trade represents a 65.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Hunter C. Smith sold 2,215 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $126,742.30. Following the sale, the chief financial officer now owns 109,929 shares of the company’s stock, valued at approximately $6,290,137.38. The trade was a 1.98% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,639 shares of company stock worth $8,023,381. 6.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 2.7% during the first quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company’s stock valued at $84,321,000 after purchasing an additional 42,236 shares during the last quarter. Driehaus Capital Management LLC boosted its position in Rhythm Pharmaceuticals by 12.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company’s stock valued at $77,231,000 after purchasing an additional 167,047 shares during the period. Westfield Capital Management Co. LP bought a new position in Rhythm Pharmaceuticals during the 1st quarter worth $71,038,000. Janus Henderson Group PLC grew its stake in Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after buying an additional 621,432 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Rhythm Pharmaceuticals by 75.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock worth $63,515,000 after buying an additional 513,901 shares during the period.

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.