Citizens Jmp Forecasts Strong Price Appreciation for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective lifted by investment analysts at Citizens Jmp from $160.00 to $166.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp‘s target price would indicate a potential upside of 92.04% from the stock’s current price.

Other equities research analysts have also issued reports about the company. William Blair started coverage on Rhythm Pharmaceuticals in a research report on Friday, October 16th. They set an “outperform” rating on the stock. Canaccord Genuity Group set a $154.00 price target on Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Needham & Company LLC dropped their price target on Rhythm Pharmaceuticals from $130.00 to $114.00 and set a “buy” rating on the stock in a research note on Tuesday. HC Wainwright boosted their price objective on Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Finally, Wolfe Research started coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, September 17th. They set an “outperform” rating for the company. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.94.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $86.44 on Wednesday. Rhythm Pharmaceuticals has a 1-year low of $74.50 and a 1-year high of $122.20. The company has a 50 day moving average price of $96.35 and a 200 day moving average price of $97.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.10. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%. The company had revenue of $92.13 million for the quarter, compared to analysts’ expectations of $85.56 million. During the same quarter in the prior year, the company earned ($0.82) earnings per share. The firm’s revenue was up 79.6% on a year-over-year basis. Sell-side analysts predict that Rhythm Pharmaceuticals will post -2.77 earnings per share for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, EVP Jennifer Lee sold 75,834 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $117.38, for a total transaction of $8,901,394.92. Following the completion of the sale, the executive vice president directly owned 54,233 shares in the company, valued at approximately $6,365,869.54. This trade represents a 58.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David P. Meeker sold 50,000 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $102.67, for a total value of $5,133,500.00. Following the transaction, the chief executive officer directly owned 239,258 shares in the company, valued at approximately $24,564,618.86. This trade represents a 17.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,450 shares of company stock valued at $28,796,497 in the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after acquiring an additional 97 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Rhythm Pharmaceuticals by 106.4% in the first quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company’s stock worth $48,000 after acquiring an additional 283 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth $51,000. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 894.0% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 666 shares of the company’s stock worth $63,000 after acquiring an additional 599 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 9.1% during the third quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after acquiring an additional 136 shares in the last quarter.

Key Headlines Impacting Rhythm Pharmaceuticals

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: IMCIVREE revenue was $92.1 million, up 29% from the prior quarter and 79.6% year over year. The company’s loss of $0.61 per share was narrower than consensus expectations, while revenue exceeded estimates. Rhythm Pharmaceuticals Q3 results and business update
• Positive Sentiment: Commercial progress included more than 700 patient start forms for U.S. acquired hypothalamic obesity treatment by Sept. 30, the start of Japan’s IMCIVREE launch, and plans to advance bivamelagon into pivotal development for Prader-Willi syndrome. Rhythm Pharmaceuticals Q3 results and business update
• Neutral Sentiment: Rhythm amended its LG Chem license, lowering royalties on global sales of its MC4R agonists to 1% but committing to $350 million in fixed payments over four years. The company also announced up to $750 million in financing for its obesity pipeline. The funding may support development, while the fixed payments add cash obligations. LG Chem license amendment
• Negative Sentiment: Despite the earnings and revenue beats, reports said the stock slipped after the Q3 announcement, indicating the results and outlook may not have met investor expectations. Needham lowered its price target from $130 to $114, though it maintained a Buy rating. Stock reaction to Q3 report

About Rhythm Pharmaceuticals

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

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.