Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 1-Year High After Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s stock price reached a new 52-week high on Thursday after Oppenheimer raised their price target on the stock from $76.00 to $110.00. Oppenheimer currently has an outperform rating on the stock. Rhythm Pharmaceuticals traded as high as $89.05 and last traded at $89.00, with a volume of 4791941 shares changing hands. The stock had previously closed at $65.14.

RYTM has been the subject of a number of other reports. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. HC Wainwright reiterated a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an "outperform" rating and a $88.00 target price for the company. Stifel Nicolaus upped their target price on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Wells Fargo & Company upped their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research report on Thursday. Fourteen equities research 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.com, the stock presently has an average rating of "Buy" and an average target price of $91.00.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 6,745 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the transaction, the executive vice president owned 37,655 shares of the company's stock, valued at $2,450,587.40. This represents a 15.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hunter C. Smith sold 42,120 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $80.48, for a total value of $3,389,817.60. Following the completion of the transaction, the chief financial officer directly owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. The trade was a 26.48% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,673 shares of company stock worth $7,118,510. Company insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. boosted its position in shares of Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock valued at $84,321,000 after purchasing an additional 42,236 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Rhythm Pharmaceuticals by 12.9% during the 1st quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock valued at $77,231,000 after purchasing 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 1st quarter valued at about $71,038,000. Janus Henderson Group PLC boosted its position in shares of Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock valued at $68,309,000 after purchasing an additional 621,432 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Rhythm Pharmaceuticals by 75.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock valued at $63,515,000 after purchasing an additional 513,901 shares in the last quarter.

Rhythm Pharmaceuticals Trading Down 2.6%

The firm has a 50-day moving average of $64.34 and a 200 day moving average of $59.29. The company has a market cap of $5.52 billion, a P/E ratio of -30.85 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The firm 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 firm's revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.35) EPS. On average, equities analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS 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.