Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Up 2.4% – Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) shares rose 2.4% on Friday . The stock traded as high as $54.82 and last traded at $54.75. Approximately 112,627 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 510,100 shares. The stock had previously closed at $53.49.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RYTM. Morgan Stanley reaffirmed an “overweight” rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. JMP Securities restated a “market outperform” rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Needham & Company LLC boosted their price target on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday. Finally, Stifel Nicolaus started coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They set a “buy” rating and a $78.00 target price for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $69.46.

Rhythm Pharmaceuticals Stock Up 2.4 %

The company has a market capitalization of $3.46 billion, a PE ratio of -12.66 and a beta of 2.30. The firm has a 50-day moving average of $55.25 and a two-hundred day moving average of $55.00.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $76,129.83. Following the transaction, the insider now directly owns 2,657 shares of the company’s stock, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. This represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,131 shares of company stock worth $5,781,098 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Frazier Life Sciences Management L.P. boosted its position in Rhythm Pharmaceuticals by 1.9% during 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 acquiring an additional 45,648 shares during the last quarter. Geode Capital Management LLC boosted its stake 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 worth $65,824,000 after buying an additional 3,499 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Rhythm Pharmaceuticals by 103.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock valued at $68,309,000 after buying an additional 621,432 shares in the last quarter. Alkeon Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 16.8% in the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock worth $61,176,000 after acquiring an additional 167,700 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Rhythm Pharmaceuticals by 70.4% during the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock worth $38,783,000 after acquiring an additional 286,188 shares during the period.

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.