The Goldman Sachs Group Initiates Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

The Goldman Sachs Group initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) in a research note released on Thursday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $97.00 target price on the stock.

A number of other brokerages also recently weighed in on RYTM. Leerink Partnrs raised shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. Bank of America raised shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 target price for the company in a research note on Monday, April 7th. JMP Securities reaffirmed a "market outperform" rating and issued a $84.00 target price on shares of Rhythm Pharmaceuticals in a research note on Thursday, June 26th. Stifel Nicolaus boosted their target price 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. Finally, Wells Fargo & Company boosted their target price on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research note on Monday, April 7th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $91.00.

Rhythm Pharmaceuticals Trading Down 2.6%

RYTM stock traded down $2.34 during trading on Thursday, hitting $86.70. 1,105,173 shares of the stock traded hands, compared to its average volume of 588,517. Rhythm Pharmaceuticals has a one year low of $40.61 and a one year high of $94.80. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of -30.85 and a beta of 2.26. The company has a 50 day simple moving average of $64.34 and a 200 day simple moving average of $59.31.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results 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). Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The company had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. During the same period in the prior year, the firm posted ($2.35) earnings per share. The company's revenue was up 25.9% on a year-over-year basis. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 7,969 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total value of $619,828.82. Following the completion of the sale, the insider owned 8,509 shares of the company's stock, valued at approximately $661,830.02. This represents a 48.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pamela J. Cramer sold 15,572 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the sale, the insider directly owned 19,209 shares of the company's stock, valued at $1,481,590.17. The trade was a 44.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 93,673 shares of company stock worth $7,118,510 over the last 90 days. Insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Federated Hermes Inc. increased its position in shares of Rhythm Pharmaceuticals by 2.7% during the first quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock worth $84,321,000 after acquiring an additional 42,236 shares in the last quarter. Driehaus Capital Management LLC increased its position in shares of Rhythm Pharmaceuticals by 12.9% during the first quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock worth $77,231,000 after acquiring an additional 167,047 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Rhythm Pharmaceuticals during the first quarter worth $71,038,000. Janus Henderson Group PLC increased its position in shares of Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after acquiring an additional 621,432 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position 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 worth $63,515,000 after acquiring an additional 513,901 shares in 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.