Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 1-Year High After Analyst Upgrade

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) hit a new 52-week high on Thursday after Canaccord Genuity Group raised their price target on the stock from $114.00 to $141.00. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $122.00 and last traded at $119.6480, with a volume of 891265 shares. The stock had previously closed at $104.77.

Several other analysts have also recently issued reports on RYTM. Citizens Jmp upped their price objective on Rhythm Pharmaceuticals from $141.00 to $167.00 and gave the company a “market outperform” rating in a research note on Friday. Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday. Citigroup reissued an “outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Friday. Wall Street Zen downgraded shares of Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, HC Wainwright boosted their target price on shares of Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $124.27.

Insider Activity

In related news, insider Joseph Shulman sold 9,748 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $115.24, for a total transaction of $1,123,359.52. Following the completion of the transaction, the insider owned 8,509 shares in the company, valued at $980,577.16. The trade was a 53.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 27,000 shares of company stock valued at $3,064,490. Company insiders own 6.10% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Rhythm Pharmaceuticals by 39.2% in 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 in the last quarter. Alliancebernstein L.P. raised its stake in shares of Rhythm Pharmaceuticals by 1,493.8% during the third 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 in the last quarter. JPMorgan Chase & Co. lifted its holdings in Rhythm Pharmaceuticals by 445.5% in the second quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock worth $49,513,000 after purchasing an additional 639,919 shares during the period. Capital Research Global Investors bought a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at about $60,417,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Rhythm Pharmaceuticals by 75.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock valued at $63,515,000 after buying an additional 513,901 shares during the period.

Rhythm Pharmaceuticals Stock Down 3.5%

The company has a 50 day moving average of $105.31 and a two-hundred day moving average of $92.03. The firm has a market cap of $7.58 billion, a P/E ratio of -36.63 and a beta of 1.96.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative net margin of 110.32% and a negative return on equity of 433.21%. The business had revenue of $51.30 million during the quarter, compared to analyst estimates of $50.71 million. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share 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.