Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives New Coverage from Analysts at JMP Securities

JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report issued on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $64.00 price target on the stock. JMP Securities’ price objective would indicate a potential upside of 29.24% from the company’s current price.

Separately, Needham & Company LLC restated a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Rhythm Pharmaceuticals Trading Down 0.2 %

NASDAQ:RYTM opened at $49.52 on Tuesday. The firm has a market capitalization of $3.03 billion, a PE ratio of -10.70 and a beta of 2.07. Rhythm Pharmaceuticals has a 52 week low of $20.97 and a 52 week high of $53.92. The stock has a 50 day moving average of $47.57 and a 200-day moving average of $42.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The firm’s revenue was up 51.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.82) EPS. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.44 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the transaction, the insider now owns 30 shares in the company, valued at $1,590. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Joseph Shulman sold 10,468 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at approximately $1,590. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now owns 13,500 shares in the company, valued at approximately $609,525. The disclosure for this sale can be found here. In the last three months, insiders sold 95,282 shares of company stock valued at $4,550,639. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC boosted its position in shares of Rhythm Pharmaceuticals by 465.6% in the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after buying an additional 1,773,282 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after acquiring an additional 578,800 shares during the period. Driehaus Capital Management LLC grew its stake in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Rhythm Pharmaceuticals by 116.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after purchasing an additional 310,000 shares during the period. Finally, Artisan Partners Limited Partnership purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth approximately $12,477,000.

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.