Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Outperform Rating from Analysts at Wolfe Research

Wolfe Research started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report published on Thursday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating on the stock.

Several other equities analysts have also recently weighed in on RYTM. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research report on Monday, September 14th. They issued an “outperform” rating and a $133.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Wells Fargo & Company increased their price objective on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. National Bank Financial set a $160.00 target price on Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Seventeen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.67.

Rhythm Pharmaceuticals Trading Down 1.3%

RYTM opened at $97.71 on Thursday. The company has a 50 day moving average of $107.24 and a 200 day moving average of $97.24. The company has a market cap of $6.70 billion, a PE ratio of -31.42 and a beta of 1.97. Rhythm Pharmaceuticals has a 12 month low of $74.50 and a 12 month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. The business had revenue of $71.25 million for the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.75) EPS. Research analysts forecast that Rhythm Pharmaceuticals will post -2.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lynn Tetrault sold 37,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director owned 7,000 shares of the company’s stock, valued at approximately $702,240. This represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Meeker sold 50,000 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the completion of the transaction, the chief executive officer directly owned 239,258 shares in the company, valued at approximately $24,564,618.86. The trade was a 17.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 295,450 shares of company stock worth $32,508,337. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RYTM. GAMMA Investing LLC boosted its position in shares of Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after acquiring an additional 97 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Rhythm Pharmaceuticals by 0.8% in the fourth quarter. Kennedy Capital Management LLC now owns 39,887 shares of the company’s stock worth $4,270,000 after purchasing an additional 312 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Rhythm Pharmaceuticals by 14.1% in the first quarter. Chicago Partners Investment Group LLC now owns 3,125 shares of the company’s stock worth $266,000 after purchasing an additional 386 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Rhythm Pharmaceuticals by 10.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,659 shares of the company’s stock valued at $499,000 after purchasing an additional 442 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s research is centered on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s primary product is IMCIVREE (setmelanotide), an MC4R agonist. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 2 years old with obesity and certain genetically confirmed conditions affecting the MC4R pathway, including pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1 and leptin receptor deficiencies, as well as Bardet-Biedl syndrome.