Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $120.00 at Guggenheim

Key Points

• Guggenheim has increased its price target for Rhythm Pharmaceuticals from $119.00 to $120.00, maintaining a "buy" rating and indicating a potential upside of 33.23% from the current stock price.
• Rhythm Pharmaceuticals' recent earnings report showed a revenue increase of 66.8% year-over-year, despite a loss of ($0.75) EPS, which missed the consensus estimate.
• Several brokerages have issued positive ratings on Rhythm Pharmaceuticals, with a consensus rating of "Buy" and a consensus price target of $100.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its target price upped by Guggenheim from $119.00 to $120.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on RYTM. Oppenheimer increased their price target on Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a research note on Thursday, July 10th. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. JMP Securities upped their price target on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the company a "market outperform" rating in a research note on Wednesday. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Wells Fargo & Company upped their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $101.57.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded down $0.21 during midday trading on Wednesday, reaching $92.27. 85,467 shares of the stock traded hands, compared to its average volume of 667,731. The stock has a market capitalization of $5.87 billion, a PE ratio of -30.56 and a beta of 2.38. Rhythm Pharmaceuticals has a 12-month low of $43.57 and a 12-month high of $94.80. The business has a 50-day moving average of $74.76 and a two-hundred day moving average of $63.44.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The business had revenue of $48.50 million for the quarter, compared to analyst estimates of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. The business's revenue for the quarter was up 66.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.55) earnings per share. Research analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Activity

In related news, CFO Hunter C. Smith sold 42,120 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total value of $3,389,817.60. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares in the company, valued at $9,409,319.20. The trade was a 26.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Alastair Garfield sold 1,319 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total transaction of $85,484.39. Following the sale, the insider directly owned 3,126 shares in the company, valued at approximately $202,596.06. The trade was a 29.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,417 shares of company stock valued at $6,352,511 over the last 90 days. Company insiders own 6.10% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its stake in Rhythm Pharmaceuticals by 67.2% during the 4th quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after acquiring an additional 47,575 shares in the last quarter. BNP Paribas Financial Markets raised its position in Rhythm Pharmaceuticals by 491.0% in the fourth quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock valued at $4,772,000 after purchasing an additional 70,824 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter valued at $1,042,000. Principal Financial Group Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 0.7% in the first quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock valued at $1,968,000 after purchasing an additional 272 shares in the last quarter. Finally, American Century Companies Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at $1,890,000.

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.