Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives “Market Outperform” Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report sent to investors on Monday morning,Benzinga reports. JMP Securities currently has a $75.00 price objective on the stock.

Other analysts have also recently issued research reports about the company. The Goldman Sachs Group upped their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. Needham & Company LLC lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. TD Cowen increased their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $80.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Rhythm Pharmaceuticals currently 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 stock has a market capitalization of $3.43 billion, a PE ratio of -12.90 and a beta of 2.14. The firm’s 50 day moving average price is $56.62 and its 200-day moving average price is $50.36. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same period last year, the firm earned ($0.76) earnings per share. The company’s quarterly revenue was up 47.6% on a year-over-year basis. Analysts expect that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 972 shares of the company’s stock, valued at $64,472.76. This represents a 98.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were 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 directly owns 13,500 shares of the company’s stock, valued at approximately $877,500. This trade represents a 25.78 % 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 worth $5,622,000 in the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of large investors have recently made changes to their positions in the business. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the third quarter worth about $63,000. Quest Partners LLC raised its position in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after purchasing an additional 391 shares during the last quarter. Creative Planning purchased a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter worth approximately $450,000. Finally, Principal Financial Group Inc. increased its position in shares of Rhythm Pharmaceuticals by 32.8% during the 2nd quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock valued at $391,000 after purchasing an additional 2,352 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.