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

Rhythm Pharmaceuticals logo with Medical background

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.

Get Our Latest Report on RYTM

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

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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