Wall Street Zen Upgrades Rhythm Pharmaceuticals (NASDAQ:RYTM) to Hold

Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Other analysts have also recently issued research reports about the stock. Guggenheim reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. Morgan Stanley set a $95.00 target price on Rhythm Pharmaceuticals and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Bank of America lifted their target price on Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, July 10th. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They issued an “outperform” rating and a $88.00 target price on the stock. Finally, Oppenheimer lifted their target price on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 10th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $91.93.

Rhythm Pharmaceuticals Trading Down 0.9%

Shares of NASDAQ RYTM opened at $86.45 on Friday. Rhythm Pharmaceuticals has a 12-month low of $40.61 and a 12-month high of $94.80. The stock has a market cap of $5.50 billion, a PE ratio of -30.77 and a beta of 2.26. The company has a 50-day moving average of $70.04 and a 200 day moving average of $61.48.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data 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 net margin of 123.26% and a negative return on equity of 739.62%. The business had revenue of $37.72 million for the quarter, compared to analysts’ expectations of $40.43 million. During the same period in the prior year, the company posted ($2.35) EPS. The firm’s revenue was up 25.9% on a year-over-year basis. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity

In related news, insider Pamela J. Cramer sold 15,572 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the transaction, the insider owned 19,209 shares of the company’s stock, valued at approximately $1,481,590.17. This trade represents a 44.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer directly owned 922 shares of the company’s stock, valued at $74,451.50. The trade was a 80.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 93,673 shares of company stock worth $7,118,510 in the last three months. 6.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. CWM LLC grew its stake in Rhythm Pharmaceuticals by 19.6% during the 2nd quarter. CWM LLC now owns 3,091 shares of the company’s stock worth $195,000 after purchasing an additional 507 shares in the last quarter. KLP Kapitalforvaltning AS grew its stake in Rhythm Pharmaceuticals by 9.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 10,200 shares of the company’s stock worth $645,000 after purchasing an additional 900 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Rhythm Pharmaceuticals by 16.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,458 shares of the company’s stock worth $155,000 after purchasing an additional 342 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 22.8% during the 2nd quarter. Avior Wealth Management LLC now owns 5,635 shares of the company’s stock worth $356,000 after purchasing an additional 1,046 shares during the last quarter. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth $632,000.

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.