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

Key Points

• Rhythm Pharmaceuticals has received an average rating of "Buy" from 15 analysts, with an average price target of $101.57 per share.
• Shares of Rhythm Pharmaceuticals saw a 2.5% decline and currently trade around $96.06, with a market cap of $6.38 billion.
• In its latest earnings report, the company reported ($0.75) earnings per share, missing estimates, though it experienced a 66.8% increase in revenue compared to the previous year.

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) has been given an average rating of "Buy" by the fifteen ratings firms that are currently covering the firm, Marketbeat reports. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $101.5714.

Several equities research analysts recently commented on RYTM shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $109.00 price objective (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Stifel Nicolaus boosted their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. HC Wainwright upped their price target on shares of Rhythm Pharmaceuticals from $80.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Bank of America boosted their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a report on Thursday, July 10th.

Rhythm Pharmaceuticals Stock Down 2.5%

Shares of NASDAQ RYTM opened at $96.06 on Friday. The company's fifty day moving average is $95.12 and its 200-day moving average is $72.49. The stock has a market cap of $6.38 billion, a price-to-earnings ratio of -31.91 and a beta of 2.23. Rhythm Pharmaceuticals has a twelve month low of $45.90 and a twelve month high of $106.52.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The firm had revenue of $48.50 million for the quarter, compared to the consensus estimate 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 company's revenue for the quarter was up 66.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.55) earnings per share. On average, research analysts anticipate that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity

In other news, CAO Christopher Paul German sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total transaction of $142,500.00. Following the completion of the sale, the chief accounting officer owned 922 shares of the company's stock, valued at approximately $87,590. This represents a 61.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Shulman sold 4,188 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 8,509 shares of the company's stock, valued at approximately $851,495.63. This trade represents a 32.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,077 shares of company stock worth $9,360,077. Insiders own 6.10% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its position in Rhythm Pharmaceuticals by 5.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,686,494 shares of the company's stock valued at $106,570,000 after acquiring an additional 94,623 shares during the period. Westfield Capital Management Co. LP grew its holdings in Rhythm Pharmaceuticals by 21.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company's stock worth $102,966,000 after purchasing an additional 288,376 shares during the period. Driehaus Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 12.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock worth $77,231,000 after buying an additional 167,047 shares during the period. Geode Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,311,253 shares of the company's stock worth $82,868,000 after buying an additional 24,085 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after buying an additional 513,901 shares during 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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