Rhythm Pharmaceuticals (NASDAQ:RYTM) Raised to “Buy” at Bank of America

Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a report issued on Monday,Briefing.com Automated Import reports. The firm currently has a $63.00 price target on the stock. Bank of America‘s target price would indicate a potential upside of 17.44% from the company’s current price.

RYTM has been the subject of several other research reports. JMP Securities restated a “market outperform” rating and set a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Canaccord Genuity Group upped their price target on Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, February 27th. HC Wainwright restated a “buy” rating and issued a $70.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, March 24th. Needham & Company LLC boosted their target price on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $70.31.

Rhythm Pharmaceuticals Stock Up 14.3 %

RYTM traded up $6.70 during trading on Monday, reaching $53.65. The stock had a trading volume of 2,604,843 shares, compared to its average volume of 520,713. The stock has a 50 day moving average of $54.57 and a two-hundred day moving average of $55.09. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of -12.35 and a beta of 2.32. Rhythm Pharmaceuticals has a 1-year low of $35.17 and a 1-year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. This represents a 23.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the sale, the insider now owns 2,657 shares of the company’s stock, valued at approximately $157,905.51. This represents a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RYTM. Two Sigma Advisers LP increased its stake in shares of Rhythm Pharmaceuticals by 2.3% during the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after purchasing an additional 300 shares during the last quarter. SRS Capital Advisors Inc. boosted its holdings in Rhythm Pharmaceuticals by 740.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in Rhythm Pharmaceuticals in the fourth quarter worth $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Rhythm Pharmaceuticals by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock worth $1,857,000 after buying an additional 654 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $37,000.

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.