Bank of America Lowers Rhythm Pharmaceuticals (NASDAQ:RYTM) to Neutral

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) was downgraded by equities researchers at Bank of America from a "buy" rating to a "neutral" rating in a report released on Wednesday, MarketBeat Ratings reports. They presently have a $42.00 target price on the stock, down from their prior target price of $49.00. Bank of America's price target points to a potential upside of 7.91% from the company's current price.

Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Thursday, April 18th. Needham & Company LLC dropped their price target on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a "buy" rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a "buy" rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $54.33.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM traded down $0.43 during trading on Wednesday, reaching $38.92. The stock had a trading volume of 1,191,685 shares, compared to its average volume of 640,955. Rhythm Pharmaceuticals has a 52 week low of $15.50 and a 52 week high of $52.57. The firm's fifty day moving average is $40.79 and its 200 day moving average is $39.86. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -11.98 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly 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). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The business had revenue of $26.00 million for the quarter, compared to analyst estimates of $26.90 million. During the same quarter in the previous year, the business posted ($0.92) earnings per share. The business's revenue was up 126.1% on a year-over-year basis. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO David P. Meeker sold 45,494 shares of the company's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the sale, the chief executive officer now owns 174,605 shares in the company, valued at approximately $6,848,008.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO David P. Meeker sold 45,494 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 174,605 shares in the company, valued at approximately $6,848,008.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Shulman sold 71,774 shares of the firm's stock in a transaction on Friday, February 9th. The shares were sold at an average price of $50.38, for a total value of $3,615,974.12. Following the sale, the insider now directly owns 2,686 shares of the company's stock, valued at $135,320.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 172,069 shares of company stock worth $7,626,355. 4.70% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently modified their holdings of the business. AJOVista LLC bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth $42,000. Nisa Investment Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 91.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company's stock valued at $58,000 after purchasing an additional 600 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 95.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company's stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Quarry LP purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $69,000. Finally, ZRC Wealth Management LLC boosted its stake in Rhythm Pharmaceuticals by 392.8% during the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company's stock valued at $85,000 after buying an additional 1,571 shares during the period.

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.