Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated at Oppenheimer

Oppenheimer initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report issued on Friday, MarketBeat Ratings reports. The firm issued an outperform rating and a $76.00 price objective on the stock.

A number of other research analysts have also recently commented on the company. JMP Securities began coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target on the stock. TD Cowen increased their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. Bank of America boosted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.80.

Rhythm Pharmaceuticals Stock Up 1.2 %

Shares of NASDAQ:RYTM opened at $56.12 on Friday. The stock has a market cap of $3.45 billion, a PE ratio of -12.96 and a beta of 2.14. Rhythm Pharmaceuticals has a 12-month low of $35.17 and a 12-month high of $68.58. The business has a 50 day moving average of $56.39 and a 200-day moving average of $49.98.

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

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 4,688 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the sale, the insider now owns 13,500 shares in the company, valued at $877,500. This represents a 25.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now owns 972 shares in the company, valued at $64,472.76. This represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 84,830 shares of company stock worth $5,622,000 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC lifted its position in shares of Rhythm Pharmaceuticals by 5.4% during the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after acquiring an additional 178,000 shares in the last quarter. Frazier Life Sciences Management L.P. grew its holdings in Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after buying an additional 45,648 shares in the last quarter. Geode Capital Management LLC grew 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 valued at $65,824,000 after acquiring an additional 3,499 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 38.2% in 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. Finally, Alkeon Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 16.8% in the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after purchasing an additional 167,700 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.