Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading 4.7% Higher After Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s share price was up 4.7% during trading on Thursday after Stifel Nicolaus raised their price target on the stock from $78.00 to $94.00. Stifel Nicolaus currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $62.60 and last traded at $62.38. Approximately 45,668 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 553,427 shares. The stock had previously closed at $59.59.

Other equities research analysts have also recently issued research reports about the stock. 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 report on Monday, April 7th. Wells Fargo & Company upped their price target on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Canaccord Genuity Group increased their price objective on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, April 8th. Morgan Stanley reissued an "overweight" rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Finally, Needham & Company LLC upped their target price on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $76.62.

Insider Activity

In other news, insider Pamela J. Cramer sold 20,760 shares of the company's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $60.14, for a total value of $1,248,506.40. Following the sale, the insider now directly owns 19,209 shares of the company's stock, valued at $1,155,229.26. This represents a 51.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Yann Mazabraud sold 75,000 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the transaction, the executive vice president now directly owns 40,370 shares of the company's stock, valued at approximately $2,078,247.60. This trade represents a 65.01% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 127,630 shares of company stock valued at $7,107,346. Company insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its holdings in Rhythm Pharmaceuticals by 3.6% in the first quarter. Rhumbline Advisers now owns 85,719 shares of the company's stock valued at $4,541,000 after acquiring an additional 2,988 shares during the period. Strs Ohio purchased a new position in shares of Rhythm Pharmaceuticals during the 1st quarter valued at approximately $980,000. Siren L.L.C. acquired a new stake in Rhythm Pharmaceuticals in the 1st quarter valued at $14,701,000. Intech Investment Management LLC increased its holdings in Rhythm Pharmaceuticals by 20.7% in the 1st quarter. Intech Investment Management LLC now owns 33,893 shares of the company's stock worth $1,795,000 after acquiring an additional 5,801 shares in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at about $166,000.

Rhythm Pharmaceuticals Price Performance

The firm has a market cap of $4.05 billion, a PE ratio of -14.69 and a beta of 2.36. The business's 50 day moving average price is $59.55 and its 200 day moving average price is $57.54.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period in the prior year, the firm earned ($2.35) earnings per share. The business's revenue was up 25.9% on a year-over-year basis. As a group, analysts predict that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share 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.