Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Up 11.9% Following Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price rose 11.9% during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $81.00 to $92.00. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $59.11 and last traded at $61.48. Approximately 97,534 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 524,587 shares. The stock had previously closed at $54.96.

A number of other brokerages have also issued reports on RYTM. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price on the stock. Bank of America upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Monday. Stifel Nicolaus assumed coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They set a “buy” rating and a $78.00 price target on the stock. JMP Securities restated a “market outperform” rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Finally, Needham & Company LLC lifted their price objective on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $74.92.

Insider Activity at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of the business’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 transaction, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David P. Meeker sold 4,278 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $254,241.54. Following the completion of the sale, the chief executive officer now directly owns 189,927 shares in the company, valued at $11,287,361.61. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,131 shares of company stock valued at $5,781,098. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. raised its position in shares of Rhythm Pharmaceuticals by 1.9% during the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC increased its stake in Rhythm Pharmaceuticals by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after acquiring an additional 3,499 shares during the period. Janus Henderson Group PLC raised its holdings in Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock valued at $68,309,000 after acquiring an additional 621,432 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Rhythm Pharmaceuticals by 70.4% in the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock worth $38,783,000 after acquiring an additional 286,188 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Rhythm Pharmaceuticals by 24.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 685,152 shares of the company’s stock worth $38,355,000 after purchasing an additional 134,622 shares in the last quarter.

Rhythm Pharmaceuticals Stock Up 5.0 %

The business has a 50-day moving average price of $54.57 and a 200-day moving average price of $55.15. The firm has a market capitalization of $3.65 billion, a P/E ratio of -13.33 and a beta of 2.32.

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