Rhythm Pharmaceuticals (NASDAQ:RYTM) Research Coverage Started at Leerink Partners

Leerink Partners began coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Monday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $133.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. National Bank Financial set a $160.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a report on Monday, June 15th. TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Citizens Jmp upped their target price on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a “market outperform” rating in a research note on Wednesday, August 5th. Finally, Stifel Nicolaus set a $133.00 price target on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Sixteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.67.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $98.01 on Monday. The business’s 50 day moving average price is $107.78 and its 200-day moving average price is $97.19. Rhythm Pharmaceuticals has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The company has a market cap of $6.72 billion, a P/E ratio of -31.51 and a beta of 1.97.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. The company had revenue of $71.25 million during the quarter, compared to the consensus estimate of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.Rhythm Pharmaceuticals’s revenue was up 46.9% on a year-over-year basis. During the same period last year, the company earned ($0.75) earnings per share. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -2.86 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, Director Lynn Tetrault sold 37,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the transaction, the director owned 7,000 shares in the company, valued at approximately $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Lee sold 75,834 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $117.38, for a total value of $8,901,394.92. Following the completion of the sale, the executive vice president owned 54,233 shares of the company’s stock, valued at $6,365,869.54. The trade was a 58.30% 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 ninety days, insiders have sold 295,450 shares of company stock worth $32,508,337. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after buying an additional 200 shares during the period. GAMMA Investing LLC lifted its holdings in Rhythm Pharmaceuticals by 36.3% during the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after buying an additional 97 shares during the period. Global Retirement Partners LLC bought a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000. Covestor Ltd boosted its position in Rhythm Pharmaceuticals by 328.9% during the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after acquiring an additional 444 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its position in Rhythm Pharmaceuticals by 212.3% during the 4th quarter. Clearstead Advisors LLC now owns 1,246 shares of the company’s stock valued at $133,000 after acquiring an additional 847 shares in the last quarter.

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 research is centered on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s primary product is IMCIVREE (setmelanotide), an MC4R agonist. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 2 years old with obesity and certain genetically confirmed conditions affecting the MC4R pathway, including pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1 and leptin receptor deficiencies, as well as Bardet-Biedl syndrome.