HC Wainwright Reaffirms “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

HC Wainwright reaffirmed their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report published on Friday morning, Benzinga reports. The brokerage currently has a $64.00 price objective on the stock.

RYTM has been the topic of a number of other reports. Bank of America increased their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. Finally, JMP Securities began coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.33.

Rhythm Pharmaceuticals Trading Down 2.3 %

RYTM stock opened at $48.55 on Friday. The company’s 50-day moving average price is $49.35 and its 200 day moving average price is $44.79. Rhythm Pharmaceuticals has a 52 week low of $21.67 and a 52 week high of $55.64. The company has a market cap of $2.96 billion, a P/E ratio of -10.49 and a beta of 2.07.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, beating the consensus estimate 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%. Rhythm Pharmaceuticals’s quarterly revenue was up 51.3% on a year-over-year basis. During the same period last year, the business posted ($0.82) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals will post -4.43 earnings per share for the current year.

Insider Activity

In related news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,200 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now owns 13,500 shares in the company, valued at $675,135. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $157,200. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,857 shares of company stock valued at $5,325,446 over the last quarter. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC grew its position in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after acquiring an additional 253 shares in the last quarter. ORG Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000. ORG Wealth Partners LLC purchased a new stake in Rhythm Pharmaceuticals during the 3rd quarter worth $63,000. Quest Partners LLC increased its stake in Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after buying an additional 1,391 shares during the period. Finally, ZRC Wealth Management LLC lifted its holdings in Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock worth $85,000 after buying an additional 1,571 shares in the last quarter.

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.