JMP Securities Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $64.00 target price on the stock.

Separately, Needham & Company LLC reiterated a buy rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 7th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $57.88.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $52.80 on Tuesday. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -11.40 and a beta of 2.07. Rhythm Pharmaceuticals has a 1 year low of $20.97 and a 1 year high of $55.64. The firm’s fifty day moving average price is $48.13 and its two-hundred day moving average price is $43.15.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The company had revenue of $29.08 million for the quarter, compared to analysts’ expectations of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business’s revenue for the quarter was up 51.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.82) EPS. As a group, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the sale, the insider now directly owns 31,735 shares in the company, valued at approximately $1,556,919.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Pamela J. Cramer sold 1,395 shares of the business’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $49.06, for a total value of $68,438.70. Following the sale, the insider now directly owns 31,735 shares in the company, valued at approximately $1,556,919.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction dated 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 sale, the director now owns 3,000 shares in the company, valued at $157,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 127,033 shares of company stock worth $6,214,392. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC grew its holdings in Rhythm Pharmaceuticals by 5.4% during the 2nd 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. Vanguard Group Inc. grew its holdings in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after buying an additional 77,208 shares in the last quarter. Frazier Life Sciences Management L.P. grew its holdings in Rhythm Pharmaceuticals by 8.3% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after buying an additional 181,125 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after buying an additional 326,865 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Rhythm Pharmaceuticals by 32.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock valued at $39,715,000 after buying an additional 236,600 shares in the last quarter.

Rhythm Pharmaceuticals Company Profile

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.