Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 52-Week High – Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $122.00 and last traded at $119.6480, with a volume of 891265 shares traded. The stock had previously closed at $104.77.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RYTM. Citigroup started coverage on Rhythm Pharmaceuticals in a research report on Tuesday, November 25th. They set a “buy” rating and a $136.00 price objective for the company. Wall Street Zen downgraded Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 8th. Morgan Stanley lifted their target price on Rhythm Pharmaceuticals from $122.00 to $129.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of Rhythm Pharmaceuticals from $157.00 to $139.00 and set a “buy” rating for the company in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $114.86.

Rhythm Pharmaceuticals Stock Up 14.1%

The stock has a market capitalization of $7.98 billion, a P/E ratio of -38.67 and a beta of 1.96. The company has a 50-day moving average price of $104.61 and a two-hundred day moving average price of $91.49.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative net margin of 110.32% and a negative return on equity of 433.21%. The business had revenue of $51.30 million for the quarter, compared to the consensus estimate of $50.71 million. On average, sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 9,748 shares of the company’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $115.24, for a total value of $1,123,359.52. Following the completion of the transaction, the insider directly owned 8,509 shares in the company, valued at approximately $980,577.16. This represents a 53.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 27,000 shares of company stock worth $3,064,490 over the last three months. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently modified their holdings of the company. Swiss Life Asset Management Ltd bought a new stake in Rhythm Pharmaceuticals in the third quarter worth $249,000. CIBC Bancorp USA Inc. bought a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at about $562,000. Centaurus Financial Inc. purchased a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at about $241,000. Captrust Financial Advisors boosted its holdings in Rhythm Pharmaceuticals by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 18,258 shares of the company’s stock valued at $1,844,000 after acquiring an additional 787 shares during the period. Finally, Cim Investment Management Inc. bought a new position in Rhythm Pharmaceuticals during the 3rd quarter worth approximately $302,000.

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.