Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Up 11.9% on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) was up 11.9% during mid-day trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $81.00 to $92.00. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $59.11 and last traded at $61.48. Approximately 97,534 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 524,587 shares. The stock had previously closed at $54.96.

RYTM has been the subject of several other research reports. JMP Securities reiterated a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price target for the company. Stifel Nicolaus began coverage on Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price target on the stock. Needham & Company LLC increased their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Finally, Wells Fargo & Company increased their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $74.92.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 75,000 shares of the company’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares in the company, valued at $2,078,247.60. This represents a 65.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at $118,445.40. This trade represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,131 shares of company stock valued at $5,781,098. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its holdings in shares of Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after purchasing an additional 621,432 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock worth $38,783,000 after acquiring an additional 286,188 shares in the last quarter. Norges Bank purchased a new position in Rhythm Pharmaceuticals in the 4th quarter worth $11,512,000. JPMorgan Chase & Co. boosted its position in Rhythm Pharmaceuticals by 224.3% during the fourth quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock valued at $14,811,000 after buying an additional 182,993 shares during the period. Finally, Stempoint Capital LP grew its stake in shares of Rhythm Pharmaceuticals by 404.1% during the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company’s stock valued at $11,645,000 after buying an additional 166,748 shares during the last quarter.

Rhythm Pharmaceuticals Trading Up 14.4 %

The firm has a fifty day moving average of $54.55 and a two-hundred day moving average of $55.09. The company has a market capitalization of $3.97 billion, a PE ratio of -14.38 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm had revenue of $41.83 million during the quarter, compared to analysts’ expectations of $38.48 million. On average, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Rhythm Pharmaceuticals Company Profile

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.