Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Gap Up on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares gapped up before the market opened on Monday after Wells Fargo & Company raised their price target on the stock from $80.00 to $91.00. The stock had previously closed at $46.95, but opened at $48.33. Wells Fargo & Company currently has an overweight rating on the stock. Rhythm Pharmaceuticals shares last traded at $46.63, with a volume of 609,459 shares traded.

RYTM has been the subject of several other reports. JMP Securities restated a “market outperform” rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Stifel Nicolaus began coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective for the company. Bank of America upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Monday. Canaccord Genuity Group increased their price target on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Rhythm Pharmaceuticals has an average rating of “Buy” and a consensus price target of $73.31.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,131 shares of company stock worth $5,781,098 in the last ninety days. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of RYTM. Janus Henderson Group PLC grew its holdings 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 acquiring an additional 621,432 shares in the last quarter. Marshall Wace LLP lifted its holdings in Rhythm Pharmaceuticals by 70.4% in the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after acquiring an additional 286,188 shares during the period. Norges Bank acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth $11,512,000. JPMorgan Chase & Co. lifted its position in shares of Rhythm Pharmaceuticals by 224.3% during the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock valued at $14,811,000 after acquiring an additional 182,993 shares during the period. Finally, Stempoint Capital LP grew its holdings in Rhythm Pharmaceuticals by 404.1% in the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company’s stock valued at $11,645,000 after purchasing an additional 166,748 shares during the last quarter.

Rhythm Pharmaceuticals Stock Performance

The stock has a market capitalization of $3.47 billion, a PE ratio of -12.69 and a beta of 2.32. The company’s fifty day simple moving average is $54.55 and its two-hundred day simple moving average is $55.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Sell-side analysts forecast that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

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.