Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $142.4375.

A number of research analysts have recently commented on RYTM shares. Citizens Jmp boosted their target price on shares of Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada raised their price target on shares of Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday, June 15th. JPMorgan Chase & Co. boosted their price objective on shares of Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $115.44 on Tuesday. The business’s 50-day simple moving average is $106.03 and its 200 day simple moving average is $96.47. The company has a market cap of $7.91 billion, a P/E ratio of -37.12 and a beta of 1.92. Rhythm Pharmaceuticals has a one year low of $74.50 and a one year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The firm had revenue of $71.25 million during the quarter, compared to analysts’ expectations of $67.66 million. During the same quarter in the prior year, the business earned ($0.75) EPS. Rhythm Pharmaceuticals’s quarterly revenue was up 46.9% compared to the same quarter last year. Analysts predict that Rhythm Pharmaceuticals will post -2.82 earnings per share for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 57,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $116.15, for a total transaction of $6,620,550.00. Following the completion of the sale, the executive vice president owned 55,655 shares in the company, valued at $6,464,328.25. This trade represents a 50.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $117.57, for a total value of $912,695.91. Following the sale, the insider owned 2,295 shares in the company, valued at $269,823.15. This represents a 77.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 182,676 shares of company stock valued at $20,754,691. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 148.2% in the first quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock worth $2,085,000 after buying an additional 23,506 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rhythm Pharmaceuticals by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock valued at $1,874,000 after acquiring an additional 2,126 shares in the last quarter. Prudential Financial Inc. boosted its stake in Rhythm Pharmaceuticals by 62.9% during the 2nd quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock valued at $423,000 after acquiring an additional 2,740 shares during the last quarter. Qube Research & Technologies Ltd grew its holdings in Rhythm Pharmaceuticals by 11.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company’s stock worth $15,187,000 after acquiring an additional 24,152 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in Rhythm Pharmaceuticals by 10.0% during the 2nd quarter. Sei Investments Co. now owns 33,145 shares of the company’s stock worth $2,095,000 after acquiring an additional 3,004 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical?stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin?4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.