Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives Buy Rating from Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They currently have a $80.00 target price on the stock. Canaccord Genuity Group’s price target points to a potential upside of 33.40% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. TD Cowen upped their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Guggenheim assumed coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective for the company. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. HC Wainwright upped their price objective on Rhythm Pharmaceuticals from $64.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded up $1.47 on Tuesday, reaching $59.97. 676,146 shares of the stock traded hands, compared to its average volume of 549,711. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of -13.85 and a beta of 2.09. Rhythm Pharmaceuticals has a 12 month low of $31.52 and a 12 month high of $68.58. The stock’s 50-day moving average price is $52.37 and its 200-day moving average price is $46.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The business’s revenue was up 47.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.76) earnings per share. As a group, equities research analysts forecast that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the transaction, the executive vice president now owns 972 shares in the company, valued at approximately $64,472.76. This represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 145,681 shares of company stock valued at $8,734,825 over the last three months. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RYTM. CWM LLC boosted its position in shares of Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares in the last quarter. ORG Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $63,000. Quest Partners LLC raised its stake in Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after buying an additional 1,391 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after buying an additional 391 shares during the last quarter.

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.