JMP Securities Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Key Points

• JMP Securities raised its price target for Rhythm Pharmaceuticals from $135.00 to $142.00, indicating a potential upside of 46.64% from the stock's previous close.
• Several other analysts have also increased their price targets for Rhythm Pharmaceuticals, with a consensus rating of "Buy" and an average price target of $105.00.
• Despite recent analyst optimism, Rhythm Pharmaceuticals' stock has seen a 1.9% decline and reported a miss in earnings for the last quarter.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target hoisted by investment analysts at JMP Securities from $135.00 to $142.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' price objective would indicate a potential upside of 46.64% from the company's previous close.

A number of other research firms have also weighed in on RYTM. Oppenheimer boosted their price target on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. Bank of America upped their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, July 10th. Needham & Company LLC reiterated a "buy" rating and issued a $95.00 price objective (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th. Wall Street Zen raised Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $109.00 target price (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating and fourteen have issued a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $105.00.

Rhythm Pharmaceuticals Stock Down 1.9%

Shares of RYTM opened at $96.83 on Thursday. Rhythm Pharmaceuticals has a 52 week low of $45.90 and a 52 week high of $106.52. The stock's 50-day moving average price is $95.61 and its 200-day moving average price is $73.45. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of -32.36 and a beta of 2.23.

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

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 42,120 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction 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 approximately $9,409,319.20. This trade represents a 26.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Christopher Paul German sold 3,817 shares of the business's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the transaction, the chief accounting officer directly owned 922 shares of the company's stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,077 shares of company stock valued at $9,360,077. Company insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $34,000. State of Wyoming acquired a new position in Rhythm Pharmaceuticals in the 4th quarter worth approximately $61,000. Osaic Holdings Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 65.9% during the second quarter. Osaic Holdings Inc. now owns 979 shares of the company's stock valued at $62,000 after buying an additional 389 shares in the last quarter. GF Fund Management CO. LTD. grew its holdings in shares of Rhythm Pharmaceuticals by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,573 shares of the company's stock valued at $83,000 after acquiring an additional 283 shares in the last quarter. Finally, CWM LLC grew its stake in Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after purchasing an additional 1,240 shares in 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.

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