Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $131.13 Consensus PT from Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned a consensus recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $131.8125.

RYTM has been the topic of several recent research reports. Bank of America reduced their target price on shares of Rhythm Pharmaceuticals from $145.00 to $139.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Telsey Advisory Group set a $143.00 price target on shares of Rhythm Pharmaceuticals in a research note on Thursday, March 12th. Royal Bank Of Canada upped their price target on shares of Rhythm Pharmaceuticals from $136.00 to $137.00 and gave the company an “outperform” rating in a research report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 21st. Finally, Wall Street Zen lowered Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Sunday, April 19th.

Rhythm Pharmaceuticals Trading Down 0.4%

Shares of NASDAQ RYTM opened at $96.23 on Friday. The stock’s 50-day moving average is $87.93 and its 200 day moving average is $99.24. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of -30.74 and a beta of 1.94. Rhythm Pharmaceuticals has a 1-year low of $55.31 and a 1-year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.03. The business had revenue of $60.11 million for the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business’s quarterly revenue was up 83.8% on a year-over-year basis. During the same period last year, the business earned ($0.81) earnings per share. On average, analysts forecast that Rhythm Pharmaceuticals will post -3.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the sale, the chief financial officer owned 110,512 shares in the company, valued at approximately $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Christopher Paul German sold 5,614 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $89.56, for a total value of $502,789.84. Following the sale, the chief accounting officer directly owned 160 shares of the company’s stock, valued at approximately $14,329.60. This trade represents a 97.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,639 shares of company stock worth $2,017,217 over the last ninety days. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 39.2% during the third quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock worth $504,589,000 after purchasing an additional 1,407,313 shares during the period. RA Capital Management L.P. grew its stake in shares of Rhythm Pharmaceuticals by 17.3% in the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock worth $713,618,000 after purchasing an additional 985,478 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Rhythm Pharmaceuticals by 1,493.8% during the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock valued at $98,938,000 after purchasing an additional 918,212 shares during the period. Capital Research Global Investors purchased a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at about $60,417,000. Finally, Jennison Associates LLC raised its position in Rhythm Pharmaceuticals by 123.2% during the 4th quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after purchasing an additional 507,017 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical?stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin?4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.