Rhythm Pharmaceuticals’ (RYTM) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report released on Monday morning,Benzinga reports. JMP Securities currently has a $75.00 target price on the stock.

Several other analysts have also recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. HC Wainwright restated a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday. Needham & Company LLC increased their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 target price on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.90.

Rhythm Pharmaceuticals Stock Down 0.3 %

Shares of Rhythm Pharmaceuticals stock opened at $55.85 on Monday. The company has a market cap of $3.43 billion, a PE ratio of -12.90 and a beta of 2.14. The business has a 50 day moving average of $56.62 and a 200 day moving average of $50.36. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company’s revenue for the quarter was up 47.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.76) EPS. On average, research analysts anticipate that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was 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 directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This represents a 98.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the sale, the insider now owns 13,500 shares in the company, valued at approximately $877,500. This represents a 25.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,830 shares of company stock valued at $5,622,000. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after buying an additional 23,054 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 11.5% during the third quarter. Franklin Resources Inc. now owns 259,416 shares of the company’s stock valued at $13,033,000 after purchasing an additional 26,739 shares during the last quarter. Geode Capital Management LLC lifted its position in Rhythm Pharmaceuticals by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after purchasing an additional 3,499 shares during the period. Frazier Life Sciences Management L.P. boosted its holdings in Rhythm Pharmaceuticals by 1.9% in the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after purchasing an additional 45,648 shares during the last quarter. Finally, Barclays PLC grew its position in Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock worth $5,574,000 after purchasing an additional 47,166 shares during the period.

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.