Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives Average Rating of "Moderate Buy" from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the six ratings firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $54.33.

A number of equities analysts recently commented on RYTM shares. Needham & Company LLC decreased their target price on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a "buy" rating on the stock in a report on Tuesday. The Goldman Sachs Group increased their price target on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a "buy" rating in a research note on Thursday, January 25th. Wells Fargo & Company cut their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Thursday, April 18th. Bank of America lowered Rhythm Pharmaceuticals from a "buy" rating to a "neutral" rating and cut their price target for the stock from $49.00 to $42.00 in a research note on Wednesday. Finally, Canaccord Genuity Group cut their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a "buy" rating for the company in a research note on Wednesday.

Rhythm Pharmaceuticals Stock Down 1.1 %

Shares of NASDAQ RYTM traded down $0.43 during trading on Wednesday, reaching $38.92. 1,191,685 shares of the company traded hands, compared to its average volume of 640,955. The stock has a market capitalization of $2.37 billion, a PE ratio of -12.16 and a beta of 1.94. The firm has a 50 day simple moving average of $40.68 and a 200-day simple moving average of $39.85. Rhythm Pharmaceuticals has a 52-week low of $15.50 and a 52-week high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing analysts' consensus estimates of ($2.34) by ($0.01). The company had revenue of $26.00 million for the quarter, compared to analysts' expectations of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. Rhythm Pharmaceuticals's quarterly revenue was up 126.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.92) earnings per share. As a group, research analysts predict that Rhythm Pharmaceuticals will post -4.02 EPS for the current year.

Insider Activity

In other news, CEO David P. Meeker sold 45,494 shares of the firm's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $1,784,274.68. Following the completion of the transaction, the chief executive officer now owns 174,605 shares in the company, valued at $6,848,008.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Joseph Shulman sold 71,774 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $50.38, for a total value of $3,615,974.12. Following the completion of the transaction, the insider now owns 2,686 shares in the company, valued at $135,320.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David P. Meeker sold 45,494 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the transaction, the chief executive officer now owns 174,605 shares of the company's stock, valued at approximately $6,848,008.10. The disclosure for this sale can be found here. Insiders sold a total of 172,069 shares of company stock worth $7,626,355 over the last 90 days. Corporate insiders own 4.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. Allspring Global Investments Holdings LLC lifted its stake in Rhythm Pharmaceuticals by 253.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company's stock worth $52,000 after purchasing an additional 1,620 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Rhythm Pharmaceuticals by 89.5% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 40,146 shares of the company's stock worth $920,000 after purchasing an additional 18,963 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Rhythm Pharmaceuticals by 95.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company's stock worth $33,000 after purchasing an additional 713 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Rhythm Pharmaceuticals by 4.9% in the third quarter. Teacher Retirement System of Texas now owns 12,916 shares of the company's stock worth $296,000 after purchasing an additional 600 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in Rhythm Pharmaceuticals in the third quarter worth about $460,000.

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.