Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $133.13 Consensus PT from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, fourteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $133.1250.

Several research analysts recently commented on RYTM shares. Canaccord Genuity Group lifted their target price on shares of Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Wells Fargo & Company boosted their price objective on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $125.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, March 3rd.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $109.84 on Monday. The company has a market capitalization of $7.53 billion, a PE ratio of -35.09 and a beta of 1.91. Rhythm Pharmaceuticals has a one year low of $61.00 and a one year high of $122.20. The company’s fifty day moving average price is $90.72 and its 200 day moving average price is $95.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, May 5th. The company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million for the quarter, compared to the consensus estimate of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business’s quarterly revenue was up 83.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.81) EPS. Analysts anticipate that Rhythm Pharmaceuticals will post -3.11 earnings per share for the current year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were 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. The trade was a 84.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in shares of Rhythm Pharmaceuticals by 180.0% during the 1st quarter. Bank of America Corp DE now owns 628,667 shares of the company’s stock worth $54,675,000 after purchasing an additional 404,183 shares during the period. ADAR1 Capital Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 311.8% during the 1st quarter. ADAR1 Capital Management LLC now owns 211,450 shares of the company’s stock worth $18,390,000 after purchasing an additional 160,101 shares during the period. Amundi bought a new stake in Rhythm Pharmaceuticals in the first quarter valued at about $349,000. EverSource Wealth Advisors LLC increased its stake in Rhythm Pharmaceuticals by 106.4% in the first quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company’s stock valued at $48,000 after acquiring an additional 283 shares during the period. Finally, California State Teachers Retirement System increased its stake in Rhythm Pharmaceuticals by 22.9% in the first quarter. California State Teachers Retirement System now owns 65,806 shares of the company’s stock valued at $5,723,000 after acquiring an additional 12,269 shares during the period.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.