Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Rating Upgraded by Bank of America

Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage presently has a $63.00 target price on the stock. Bank of America‘s price target would suggest a potential upside of 17.44% from the company’s previous close.

Other research analysts have also issued reports about the stock. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $75.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Finally, Morgan Stanley reissued an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $70.31.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock traded up $6.70 during midday trading on Monday, reaching $53.65. The company’s stock had a trading volume of 2,604,843 shares, compared to its average volume of 520,713. Rhythm Pharmaceuticals has a fifty-two week low of $35.17 and a fifty-two week high of $68.58. The firm has a market capitalization of $3.39 billion, a PE ratio of -12.35 and a beta of 2.32. The stock’s 50 day simple moving average is $54.57 and its 200 day simple moving average is $55.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The business 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 will post -4.32 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 1,281 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. The trade was a 32.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. 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. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Two Sigma Advisers LP boosted its stake in Rhythm Pharmaceuticals by 2.3% during the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock valued at $733,000 after purchasing an additional 300 shares during the period. SRS Capital Advisors Inc. grew its holdings in Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after buying an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at approximately $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Rhythm Pharmaceuticals by 2.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock valued at $1,857,000 after acquiring an additional 654 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Rhythm Pharmaceuticals during the 4th quarter worth $37,000.

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.