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

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has earned an average recommendation of “Buy” from the thirteen ratings firms that are presently covering the company, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $77.31.

RYTM has been the topic of several recent research reports. Bank of America raised 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. Wells Fargo & Company raised their price objective on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Needham & Company LLC raised their price objective on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Stifel Nicolaus raised their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Finally, Canaccord Genuity Group lifted their price objective on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, April 8th.

Insider Activity at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 17,750 shares of the stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $60.99, for a total value of $1,082,572.50. Following the completion of the sale, the executive vice president directly owned 22,620 shares in the company, valued at $1,379,593.80. This represents a 43.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Alastair Garfield sold 1,319 shares of the stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total transaction of $85,484.39. Following the completion of the sale, the insider owned 3,126 shares of the company’s stock, valued at approximately $202,596.06. The trade was a 29.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,705 shares of company stock valued at $3,930,651. Insiders own 6.10% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Rhythm Pharmaceuticals during the first quarter worth $34,000. SBI Securities Co. Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $37,000. State of Wyoming acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter valued at about $61,000. GF Fund Management CO. LTD. acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter valued at about $72,000. Finally, CWM LLC increased its position in shares of Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company’s stock valued at $137,000 after acquiring an additional 1,240 shares during the last quarter.

Rhythm Pharmaceuticals Stock Down 1.7%

Shares of NASDAQ:RYTM opened at $65.78 on Monday. Rhythm Pharmaceuticals has a 52-week low of $40.61 and a 52-week high of $69.89. The stock has a market cap of $4.18 billion, a P/E ratio of -23.41 and a beta of 2.26. The business’s 50 day moving average is $62.86 and its 200 day moving average is $58.50.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The business had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. During the same quarter in the previous year, the company earned ($2.35) earnings per share. The firm’s revenue was up 25.9% on a year-over-year basis. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

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.