Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Buy Rating from Analysts at Jefferies Financial Group

Stock analysts at Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report issued on Thursday, Marketbeat.com reports. The brokerage set a “buy” rating and a $80.00 price target on the stock. Jefferies Financial Group’s price objective points to a potential upside of 34.18% from the stock’s previous close.

Other analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and set a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. TD Cowen increased their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective for the company. Finally, Bank of America upped their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.09.

Rhythm Pharmaceuticals Stock Down 0.7 %

RYTM opened at $59.62 on Thursday. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -13.77 and a beta of 2.14. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The company has a 50-day simple moving average of $57.72 and a 200 day simple moving average of $51.08.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. During the same quarter last year, the business posted ($0.76) EPS. The firm’s revenue for the quarter was up 47.6% on a year-over-year basis. Sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. This represents a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,830 shares of company stock worth $5,622,000. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Castleark Management LLC boosted its holdings in Rhythm Pharmaceuticals by 1.3% in the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock worth $1,009,000 after acquiring an additional 250 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after purchasing an additional 391 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter worth $63,000. Quest Partners LLC grew its position in Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Rhythm Pharmaceuticals by 3.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company’s stock valued at $2,024,000 after purchasing an additional 1,667 shares in the last quarter.

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.