The Goldman Sachs Group Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

Equities research analysts at The Goldman Sachs Group initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report issued on Thursday, Marketbeat reports. The firm set a “buy” rating and a $97.00 price target on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 11.88% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Leerink Partners began coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They issued an “outperform” rating and a $88.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective (up from $72.00) on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a “strong-buy” rating in a research report on Monday, July 7th. JMP Securities reissued a “market outperform” rating and issued a $84.00 price target on shares of Rhythm Pharmaceuticals in a research note on Thursday, June 26th. Finally, Wells Fargo & Company lifted their price objective on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $91.00.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $86.70 on Thursday. The company has a 50 day moving average price of $64.34 and a 200 day moving average price of $59.27. Rhythm Pharmaceuticals has a fifty-two week low of $40.61 and a fifty-two week high of $94.80. The stock has a market capitalization of $5.52 billion, a PE ratio of -30.85 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period last year, the business posted ($2.35) earnings per share. The firm’s quarterly revenue was up 25.9% on a year-over-year basis. As a group, equities analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Christopher Paul German sold 3,817 shares of the firm’s stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the transaction, the chief accounting officer owned 922 shares of the company’s stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Hunter C. Smith sold 42,120 shares of the business’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the sale, the chief financial officer directly owned 116,915 shares in the company, valued at $9,409,319.20. This trade represents a 26.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,673 shares of company stock worth $7,118,510. 6.10% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Rhythm Pharmaceuticals in the 1st quarter valued at about $34,000. State of Wyoming bought a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $61,000. GF Fund Management CO. LTD. acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $72,000. CWM LLC increased its stake in shares of Rhythm Pharmaceuticals by 92.3% during the first quarter. CWM LLC now owns 2,584 shares of the company’s stock worth $137,000 after purchasing an additional 1,240 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter worth approximately $166,000.

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.