Rhythm Pharmaceuticals (NASDAQ:RYTM) Sets New 12-Month High After Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after Needham & Company LLC raised their price target on the stock from $72.00 to $95.00. Needham & Company LLC currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $89.05 and last traded at $89.00, with a volume of 4791941 shares trading hands. The stock had previously closed at $65.14.

A number of other research firms also recently commented on RYTM. Stifel Nicolaus increased their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Leerink Partnrs raised shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday. Bank of America upgraded shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective for the company in a research report on Monday, April 7th. Canaccord Genuity Group increased their target price on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. 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 research note on Tuesday, April 8th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $79.71.

Insider Activity

In related news, EVP Yann Mazabraud sold 6,745 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total transaction of $438,964.60. Following the sale, the executive vice president owned 37,655 shares of the company's stock, valued at approximately $2,450,587.40. The trade was a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Pamela J. Cramer sold 7,031 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $65.09, for a total value of $457,647.79. Following the sale, the insider directly owned 19,209 shares in the company, valued at $1,250,313.81. This trade represents a 26.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,195 shares of company stock valued at $1,599,572. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at $34,000. SBI Securities Co. Ltd. purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter worth about $37,000. State of Wyoming acquired a new position in Rhythm Pharmaceuticals in the 4th quarter valued at about $61,000. GF Fund Management CO. LTD. purchased a new position in Rhythm Pharmaceuticals in the 4th quarter valued at about $72,000. Finally, CWM LLC lifted its holdings in Rhythm Pharmaceuticals by 92.3% in the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after purchasing an additional 1,240 shares in the last quarter.

Rhythm Pharmaceuticals Trading Up 36.6%

The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of -31.67 and a beta of 2.26. The company's 50 day simple moving average is $63.38 and its 200-day simple moving average is $58.83.

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

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