Rhythm Pharmaceuticals (NASDAQ:RYTM) Lowered to Sell Rating by Wall Street Zen

Rhythm Pharmaceuticals (NASDAQ:RYTM) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

Other analysts have also issued reports about the company. Morgan Stanley set a $95.00 price target on Rhythm Pharmaceuticals and gave the company an “overweight” rating in a report on Wednesday, July 9th. Leerink Partners began coverage on Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an “outperform” rating and a $88.00 target price on the stock. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a “strong-buy” rating in a report on Monday, July 7th. JMP Securities reiterated a “market outperform” rating and set a $84.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday, June 26th. Finally, The Goldman Sachs Group began coverage on Rhythm Pharmaceuticals in a report on Thursday, July 10th. They set a “buy” rating and a $97.00 target price on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $91.93.

Rhythm Pharmaceuticals Trading Down 1.6%

RYTM stock opened at $89.20 on Friday. The firm has a market cap of $5.67 billion, a PE ratio of -31.74 and a beta of 2.26. The business’s 50-day moving average price is $67.14 and its two-hundred day moving average price is $60.44. Rhythm Pharmaceuticals has a 1-year low of $40.61 and a 1-year high of $94.80.

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

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the business’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total transaction of $619,828.82. Following the transaction, the insider owned 8,509 shares of the company’s stock, valued at $661,830.02. The trade was a 48.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Yann Mazabraud sold 6,745 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the transaction, the executive vice president directly owned 37,655 shares in the company, valued at $2,450,587.40. The trade was a 15.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,673 shares of company stock valued at $7,118,510. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RYTM. Raymond James Financial Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $218,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $341,000. Swiss National Bank boosted its stake in shares of Rhythm Pharmaceuticals by 1.0% in the fourth quarter. Swiss National Bank now owns 90,200 shares of the company’s stock valued at $5,049,000 after buying an additional 900 shares during the period. Cibc World Markets Corp bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $287,000. Finally, Xponance Inc. bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $233,000.

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.