Rhythm Pharmaceuticals (NASDAQ:RYTM) Now Covered by Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report published on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $80.00 price target on the stock.

Several other brokerages have also recently weighed in on RYTM. HC Wainwright restated a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Bank of America boosted their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Guggenheim started coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $68.09.

Rhythm Pharmaceuticals Stock Down 0.7 %

Shares of Rhythm Pharmaceuticals stock opened at $59.62 on Thursday. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The business has a 50-day moving average price of $57.72 and a 200-day moving average price of $51.08. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -13.77 and a beta of 2.16.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.76) EPS. On average, equities analysts expect that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 4,688 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at $877,500. This trade represents a 25.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $4,434,890.13. Following the completion of the sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,830 shares of company stock worth $5,622,000. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in Rhythm Pharmaceuticals by 79.7% in the third quarter. FMR LLC now owns 50,295 shares of the company’s stock worth $2,635,000 after purchasing an additional 22,306 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 241.9% during 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 in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Rhythm Pharmaceuticals by 307.1% during the third quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company’s stock valued at $756,000 after buying an additional 10,882 shares during the period. Frazier Life Sciences Management L.P. raised its holdings in shares of Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after acquiring an additional 181,125 shares in the last quarter. Finally, Creative Planning purchased a new stake in Rhythm Pharmaceuticals in the third quarter worth about $450,000.

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.