Rhythm Pharmaceuticals (NASDAQ:RYTM) Research Coverage Started at Guggenheim

Stock analysts at Guggenheim assumed coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Monday, Benzinga reports. The firm set a “buy” rating and a $70.00 price target on the stock. Guggenheim’s target price would suggest a potential upside of 37.66% from the company’s previous close.

A number of other research analysts also recently issued reports on RYTM. JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.33.

Rhythm Pharmaceuticals Stock Down 0.4 %

Shares of RYTM stock opened at $50.85 on Monday. Rhythm Pharmaceuticals has a 52 week low of $21.34 and a 52 week high of $55.64. The firm has a 50 day moving average of $49.00 and a two-hundred day moving average of $44.51. The stock has a market capitalization of $3.10 billion, a PE ratio of -10.98 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. Rhythm Pharmaceuticals’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.82) EPS. Analysts expect that Rhythm Pharmaceuticals will post -4.43 EPS for the current fiscal year.

Insider Activity

In other news, Director Jennifer L. Good sold 31,751 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at $157,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 1,395 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $49.06, for a total transaction of $68,438.70. Following the transaction, the insider now directly owns 31,735 shares in the company, valued at $1,556,919.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,252 shares of company stock valued at $5,393,885. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC increased its holdings in shares of Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares during the period. American International Group Inc. raised its position in Rhythm Pharmaceuticals by 3.1% during the 1st quarter. American International Group Inc. now owns 26,318 shares of the company’s stock worth $1,140,000 after buying an additional 781 shares during the last quarter. ORG Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $51,000. ORG Wealth Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter worth $63,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 20.6% in the first quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after acquiring an additional 1,227 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.