Guggenheim Forecasts Strong Price Appreciation for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price upped by analysts at Guggenheim from $143.00 to $147.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s price objective indicates a potential upside of 30.92% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. HC Wainwright boosted their target price on Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research note on Monday, September 14th. They issued an “outperform” rating and a $133.00 price target for the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday. Eighteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.17.

Rhythm Pharmaceuticals Trading Up 6.9%

Shares of RYTM stock traded up $7.26 during mid-day trading on Thursday, reaching $112.28. The stock had a trading volume of 4,935,421 shares, compared to its average volume of 717,830. The firm has a market capitalization of $7.69 billion, a PE ratio of -38.72 and a beta of 2.17. The stock’s 50-day moving average price is $96.15 and its two-hundred day moving average price is $97.25. Rhythm Pharmaceuticals has a 52-week low of $74.50 and a 52-week high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.10. The company had revenue of $92.13 million during the quarter, compared to analyst estimates of $85.56 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. Rhythm Pharmaceuticals’s revenue for the quarter was up 79.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.82) earnings per share. On average, equities research analysts forecast that Rhythm Pharmaceuticals will post -3.56 earnings per share for the current year.

Insider Activity

In other news, insider Alastair Garfield sold 7,763 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.57, for a total value of $912,695.91. Following the sale, the insider directly owned 2,295 shares of the company’s stock, valued at $269,823.15. This represents a 77.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Meeker sold 50,000 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the completion of the transaction, the chief executive officer owned 239,258 shares of the company’s stock, valued at approximately $24,564,618.86. The trade was a 17.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 258,450 shares of company stock worth $28,796,497. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after purchasing an additional 97 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Rhythm Pharmaceuticals by 9.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after purchasing an additional 136 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. ProShare Advisors LLC now owns 9,653 shares of the company’s stock worth $919,000 after purchasing an additional 177 shares in the last quarter. Cim Investment Management Inc. boosted its position in shares of Rhythm Pharmaceuticals by 7.2% in the 2nd quarter. Cim Investment Management Inc. now owns 3,209 shares of the company’s stock worth $356,000 after purchasing an additional 216 shares in the last quarter. Finally, Inspire Investing LLC boosted its position in shares of Rhythm Pharmaceuticals by 7.9% in the 3rd quarter. Inspire Investing LLC now owns 3,688 shares of the company’s stock worth $351,000 after purchasing an additional 271 shares in the last quarter.

Trending Headlines about Rhythm Pharmaceuticals

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: Takeover reports lifted shares: News of an additional potential bidder added to earlier reports of a possible AstraZeneca bid valued at roughly $10 billion. The reports are unconfirmed, but the prospect of competing interest may raise expectations for a higher offer. Rhythm Pharmaceuticals gains on report of additional bidder AstraZeneca stock climbs as $10 billion Rhythm bid report surfaces
• Positive Sentiment: Analyst support and sales outlook: Guggenheim raised its price target to $147 from $143 and maintained a Buy rating. RBC also estimated IMCIVREE could reach $2 billion in worldwide sales by 2030, reinforcing the potential for long-term growth. Guggenheim stock recommendations RBC says IMCIVREE could reach $2 billion in worldwide sales by 2030
• Positive Sentiment: Q3 performance showed strong growth: Rhythm reported revenue of $92.1 million, above analyst expectations, with revenue up 79.6% year over year. Continued IMCIVREE growth may strengthen the company’s commercial outlook. IMCIVREE growth drives Q3 update
• Negative Sentiment: Downgrade was a cautionary signal: Another report noted an analyst downgrade, which could temper sentiment, although the shares moved above their 200-day moving average. Shares break above 200-day moving average following analyst downgrade

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.