Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 52-Week High – Still a Buy?

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) hit a new 52-week high during trading on Tuesday . The stock traded as high as $56.16 and last traded at $56.03, with a volume of 469273 shares traded. The stock had previously closed at $52.99.

Analysts Set New Price Targets

A number of research firms recently weighed in on RYTM. JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 30th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.33.

Rhythm Pharmaceuticals Stock Performance

The stock has a 50-day moving average price of $49.75 and a two-hundred day moving average price of $45.21. The stock has a market capitalization of $3.44 billion, a P/E ratio of -12.92 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.79 million. During the same quarter last year, the firm posted ($0.82) earnings per share. The firm’s revenue was up 51.3% compared to the same quarter last year. Equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jennifer L. Good sold 31,751 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at $609,525. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the sale, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,857 shares of company stock worth $5,325,446 in the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its holdings in Rhythm Pharmaceuticals by 348.9% in the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after purchasing an additional 26,214 shares during the last quarter. Castleark Management LLC acquired a new stake in Rhythm Pharmaceuticals during the first quarter worth about $2,769,000. Bayesian Capital Management LP acquired a new position in Rhythm Pharmaceuticals in the first quarter valued at approximately $665,000. Frazier Life Sciences Management L.P. boosted its position in Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after purchasing an additional 181,125 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after purchasing an additional 77,208 shares in the last quarter.

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.