Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 12-Month High on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)’s share price reached a new 52-week high on Thursday after Canaccord Genuity Group raised their price target on the stock from $114.00 to $141.00. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals traded as high as $122.00 and last traded at $119.6480, with a volume of 891265 shares traded. The stock had previously closed at $104.77.

Other equities research analysts also recently issued reports about the stock. Cowen reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday. JMP Securities upped their price target on shares of Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the company a “market outperform” rating in a report on Thursday, September 25th. Morgan Stanley reiterated an “overweight” rating and issued a $150.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, October 8th. Finally, Needham & Company LLC increased their price target on shares of Rhythm Pharmaceuticals from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $124.27.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 9,748 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $115.24, for a total value of $1,123,359.52. Following the sale, the insider directly owned 8,509 shares of the company’s stock, valued at approximately $980,577.16. The trade was a 53.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 27,000 shares of company stock worth $3,064,490. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 97.2% in the third quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock worth $29,000 after buying an additional 141 shares during the period. Farther Finance Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 1,110.3% during the third quarter. Farther Finance Advisors LLC now owns 351 shares of the company’s stock valued at $35,000 after buying an additional 322 shares during the period. Optiver Holding B.V. raised its position in shares of Rhythm Pharmaceuticals by 65.2% in the 3rd quarter. Optiver Holding B.V. now owns 365 shares of the company’s stock worth $37,000 after acquiring an additional 144 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter valued at about $34,000. Finally, Osaic Holdings Inc. increased its position in shares of Rhythm Pharmaceuticals by 65.9% during the second quarter. Osaic Holdings Inc. now owns 979 shares of the company’s stock worth $62,000 after purchasing an additional 389 shares in the last quarter.

Rhythm Pharmaceuticals Trading Down 3.5%

The company has a market cap of $7.58 billion, a PE ratio of -36.63 and a beta of 1.96. The firm’s 50-day simple moving average is $105.31 and its two-hundred day simple moving average is $92.03.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative net margin of 110.32% and a negative return on equity of 433.21%. The company had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.71 million. As a group, 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.