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

HC Wainwright restated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note released on Monday morning,Benzinga reports. HC Wainwright currently has a $69.00 price target on the stock.

RYTM has been the topic of several other reports. Oppenheimer assumed coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price on the stock. Needham & Company LLC increased their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price for the company. Bank of America upped their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.90.

Rhythm Pharmaceuticals Stock Down 0.3 %

Shares of NASDAQ:RYTM opened at $55.85 on Monday. The company has a market cap of $3.43 billion, a PE ratio of -12.90 and a beta of 2.14. Rhythm Pharmaceuticals has a fifty-two week low of $35.17 and a fifty-two week high of $68.58. The firm has a 50-day simple moving average of $56.62 and a 200 day simple moving average of $50.36.

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

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 4,688 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $877,500. This trade represents a 25.78 % decrease in their ownership of the stock. 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 stock was 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 owns 972 shares in the company, 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. Insiders have sold a total of 84,830 shares of company stock valued at $5,622,000 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 5.4% in the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after buying an additional 178,000 shares in the last quarter. Frazier Life Sciences Management L.P. grew its holdings in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd 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 raised its position in shares of 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 purchasing an additional 3,499 shares during the period. Driehaus Capital Management LLC raised its position in shares of Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after purchasing an additional 326,865 shares during the period. Finally, Alkeon Capital Management LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 16.8% during 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 during 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.