Leerink Partnrs Upgrades Rhythm Pharmaceuticals (NASDAQ:RYTM) to "Strong-Buy"

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) was upgraded by equities researchers at Leerink Partnrs to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

Several other research firms have also issued reports on RYTM. Stifel Nicolaus lifted their price target on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Leerink Partners began coverage on shares of Rhythm Pharmaceuticals in a report on Monday. They set an "outperform" rating and a $88.00 price objective on the stock. Bank of America raised shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective on the stock in a report on Monday, April 7th. Canaccord Genuity Group boosted their price objective on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, April 8th. Finally, JMP Securities reissued a "market outperform" rating and set a $84.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday, June 26th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $79.71.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded up $23.86 during trading hours on Monday, reaching $89.00. The company's stock had a trading volume of 4,791,941 shares, compared to its average volume of 577,125. The company has a market capitalization of $5.66 billion, a P/E ratio of -31.67 and a beta of 2.26. Rhythm Pharmaceuticals has a 12 month low of $40.61 and a 12 month high of $89.13. The stock has a 50 day moving average price of $62.90 and a two-hundred day moving average price of $58.62.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). The business had revenue of $37.72 million during the quarter, compared to the consensus estimate 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 earned ($2.35) EPS. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Alastair Garfield sold 1,319 shares of the firm's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total value of $85,484.39. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. Also, insider Pamela J. Cramer sold 7,031 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, June 6th. The stock was sold at an average price of $68.05, for a total transaction of $478,459.55. Following the sale, the insider owned 19,209 shares in the company, valued at $1,307,172.45. This represents a 26.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,195 shares of company stock valued at $1,599,572 over the last quarter. Company insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RYTM. SBI Securities Co. Ltd. acquired a new position in Rhythm Pharmaceuticals in the fourth quarter valued at $37,000. Charles Schwab Investment Management Inc. increased its stake in Rhythm Pharmaceuticals by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 440,250 shares of the company's stock valued at $24,645,000 after purchasing an additional 6,384 shares during the period. Raymond James Financial Inc. acquired a new position in Rhythm Pharmaceuticals in the fourth quarter valued at $218,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $341,000. Finally, Swiss National Bank increased its stake in shares of Rhythm Pharmaceuticals by 1.0% during the fourth quarter. Swiss National Bank now owns 90,200 shares of the company's stock worth $5,049,000 after acquiring an additional 900 shares during the period.

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.