Rhythm Pharmaceuticals (NASDAQ:RYTM) Downgraded to Sell at Zacks Investment Research

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Rhythm Pharmaceuticals, Inc. is a biopharmaceutical company. It focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies which result in life-threatening metabolic disorders. The Company’s product candidate principally consists of setmelanotide, a potent, first-in-class melanocortin-4 receptor or MC4R, agonist for the treatment of rare genetic disorders of obesity. Rhythm Pharmaceuticals, Inc. is based in Boston, MA. “

Other analysts also recently issued reports about the company. LADENBURG THALM/SH SH upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, February 17th. Canaccord Genuity Group decreased their price objective on shares of Rhythm Pharmaceuticals from $45.00 to $36.00 in a research report on Monday, March 7th. The Goldman Sachs Group decreased their price objective on shares of Rhythm Pharmaceuticals from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, April 7th. Needham & Company LLC decreased their price objective on shares of Rhythm Pharmaceuticals from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, February 25th. Finally, Stifel Nicolaus started coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 2nd. They issued a “buy” rating for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.33.

Shares of NASDAQ RYTM opened at $8.00 on Friday. Rhythm Pharmaceuticals has a 12-month low of $6.01 and a 12-month high of $23.05. The company has a market cap of $402.64 million, a P/E ratio of -5.93 and a beta of 1.46. The stock has a fifty day moving average price of $9.50 and a 200 day moving average price of $9.99.

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) last announced its quarterly earnings results on Tuesday, March 1st. The company reported ($0.85) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.15. Rhythm Pharmaceuticals had a negative return on equity of 20.80% and a negative net margin of 2,207.13%. During the same period in the prior year, the company posted ($0.79) earnings per share. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -3.78 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its position in shares of Rhythm Pharmaceuticals by 36.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 684,746 shares of the company’s stock worth $6,834,000 after purchasing an additional 182,476 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in Rhythm Pharmaceuticals by 298.5% in the third quarter. Macquarie Group Ltd. now owns 7,691 shares of the company’s stock worth $100,000 after acquiring an additional 5,761 shares during the last quarter. Exane Derivatives bought a new position in Rhythm Pharmaceuticals in the fourth quarter worth about $79,000. Swiss National Bank lifted its holdings in Rhythm Pharmaceuticals by 2.2% in the third quarter. Swiss National Bank now owns 77,700 shares of the company’s stock worth $1,015,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Rock Springs Capital Management LP lifted its holdings in Rhythm Pharmaceuticals by 1.0% in the third quarter. Rock Springs Capital Management LP now owns 612,180 shares of the company’s stock worth $7,995,000 after acquiring an additional 5,900 shares during the last quarter. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Rhythm Pharmaceuticals Company Profile (Get Rating)

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.

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