Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Rhythm Pharmaceuticals, Inc. received an average rating of "Moderate Buy" from 17 brokerages, with 15 buy recommendations, one strong buy, and one sell.
• The average 12-month price target for the stock is $106.64, with recent price targets raised by firms including Wells Fargo and Goldman Sachs.
• Insiders have sold a total of 39,280 shares in the last quarter, representing a significant decrease in their holdings, while institutional investors have increased their stakes in the company.

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) have been given an average rating of "Moderate Buy" by the seventeen brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $106.6429.

A number of research analysts have recently weighed in on the stock. Leerink Partners assumed coverage on shares of Rhythm Pharmaceuticals in a report on Monday, July 7th. They set an "outperform" rating and a $88.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, October 8th. The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $105.00 to $138.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Needham & Company LLC restated a "buy" rating and set a $95.00 price target (up previously from $72.00) on shares of Rhythm Pharmaceuticals in a report on Wednesday, July 9th.

Insider Activity

In related news, CFO Hunter C. Smith sold 24,611 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $96.33, for a total value of $2,370,777.63. Following the transaction, the chief financial officer owned 116,915 shares in the company, valued at $11,262,421.95. This trade represents a 17.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joseph Shulman sold 4,188 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $100.07, for a total transaction of $419,093.16. Following the completion of the transaction, the insider owned 8,509 shares in the company, valued at $851,495.63. This trade represents a 32.98% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,280 shares of company stock worth $3,755,655. Insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RYTM. GAMMA Investing LLC raised its holdings in Rhythm Pharmaceuticals by 7,305.5% in the 1st quarter. GAMMA Investing LLC now owns 14,885 shares of the company's stock worth $788,000 after acquiring an additional 14,684 shares during the period. SG Americas Securities LLC bought a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $1,042,000. Assenagon Asset Management S.A. bought a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $1,176,000. Avior Wealth Management LLC bought a new position in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $243,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock worth $1,968,000 after purchasing an additional 272 shares during the period.

Rhythm Pharmaceuticals Stock Up 4.4%

Shares of NASDAQ:RYTM opened at $105.20 on Wednesday. The firm has a fifty day moving average of $99.11 and a two-hundred day moving average of $78.23. The firm has a market capitalization of $6.99 billion, a P/E ratio of -34.95 and a beta of 2.12. Rhythm Pharmaceuticals has a 12-month low of $45.90 and a 12-month high of $106.84.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its 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 company had revenue of $48.50 million for 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 company's quarterly revenue was up 66.8% on a year-over-year basis. During the same period last year, the business earned ($0.55) EPS. Equities research analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Rhythm Pharmaceuticals Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.