Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Gap Up on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price gapped up prior to trading on Monday after Wells Fargo & Company raised their price target on the stock from $80.00 to $91.00. The stock had previously closed at $46.95, but opened at $48.33. Wells Fargo & Company currently has an overweight rating on the stock. Rhythm Pharmaceuticals shares last traded at $46.63, with a volume of 609,459 shares.

A number of other brokerages have also commented on RYTM. Stifel Nicolaus began coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. HC Wainwright reiterated a “buy” rating and set a $70.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, March 24th. Canaccord Genuity Group raised their price target on Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Finally, Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $73.31.

Insider Activity at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. This represents a 23.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the sale, the executive vice president now owns 40,370 shares of the company’s stock, valued at $2,078,247.60. This represents a 65.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,131 shares of company stock worth $5,781,098. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. boosted its holdings in shares of 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 purchasing an additional 45,648 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after buying an additional 3,499 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock valued at $68,309,000 after buying an additional 621,432 shares during the last quarter. Marshall Wace LLP grew its holdings in Rhythm Pharmaceuticals by 70.4% during the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after buying an additional 286,188 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Rhythm Pharmaceuticals by 24.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 685,152 shares of the company’s stock worth $38,355,000 after acquiring an additional 134,622 shares in the last quarter.

Rhythm Pharmaceuticals Trading Up 17.1 %

The business has a 50-day moving average price of $54.55 and a 200 day moving average price of $55.09. The stock has a market capitalization of $3.47 billion, a P/E ratio of -12.69 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The business had revenue of $41.83 million during the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. On average, sell-side analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current fiscal year.

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.