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

Key Points

• Rhythm Pharmaceuticals has received a consensus rating of "Buy" from 15 analysts, with an average 12-month price target of $91.93 per share.
• Following recent transactions, CFO Hunter C. Smith sold 42,120 shares, resulting in a 26.48% decrease in ownership of the stock.
• Despite missing quarterly earnings expectations, revenue increased by 25.9% compared to the same quarter last year, totaling $37.72 million.

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) have received a consensus recommendation of "Buy" from the fifteen ratings firms that are currently covering the company, Marketbeat reports. Fourteen investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $91.93.

A number of research firms have weighed in on RYTM. Wells Fargo & Company boosted their price objective on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Canaccord Genuity Group upped their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Stifel Nicolaus increased their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Guggenheim reiterated a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Alastair Garfield sold 1,319 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total value of $85,484.39. Following the transaction, the insider directly owned 3,126 shares in the company, valued at approximately $202,596.06. This trade represents a 29.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Christopher Paul German sold 3,817 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were 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 owned 922 shares in the company, valued at $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. In the last ninety days, insiders have sold 81,417 shares of company stock worth $6,352,511. 6.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Rhythm Pharmaceuticals in the first quarter worth $34,000. State of Wyoming acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth $61,000. GF Fund Management CO. LTD. acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth $72,000. CWM LLC raised its holdings in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rhythm Pharmaceuticals by 16.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,458 shares of the company's stock worth $155,000 after acquiring an additional 342 shares during the last quarter.

Rhythm Pharmaceuticals Trading Up 3.6%

NASDAQ RYTM traded up $3.07 on Friday, reaching $88.30. 666,964 shares of the company were exchanged, compared to its average volume of 901,449. The business's fifty day moving average price is $72.39 and its 200 day moving average price is $62.45. The stock has a market capitalization of $5.62 billion, a P/E ratio of -31.42 and a beta of 2.38. Rhythm Pharmaceuticals has a fifty-two week low of $40.61 and a fifty-two week high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). The company had revenue of $37.72 million for the quarter, compared to analyst estimates of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The business's quarterly revenue was up 25.9% on a year-over-year basis. During the same period last year, the firm posted ($2.35) EPS. Equities research analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

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.