Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $147.00 Price Target at Guggenheim

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective boosted by Guggenheim from $143.00 to $147.00 in a research note issued to investors on Thursday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other analysts also recently issued reports about the company. Royal Bank Of Canada restated an “outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday. William Blair started coverage on Rhythm Pharmaceuticals in a research report on Friday, October 16th. They set an “outperform” rating for the company. Wolfe Research assumed coverage on Rhythm Pharmaceuticals in a research note on Thursday, September 17th. They set an “outperform” rating for the company. Citizens Jmp raised their price objective on Rhythm Pharmaceuticals from $160.00 to $166.00 and gave the stock a “market outperform” rating in a report on Wednesday. Finally, Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research note on Monday, September 14th. They issued an “outperform” rating and a $133.00 price objective on the stock. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $142.17.

Rhythm Pharmaceuticals Stock Down 5.1%

Shares of RYTM stock opened at $105.02 on Thursday. Rhythm Pharmaceuticals has a one year low of $74.50 and a one year high of $122.20. The company has a 50 day moving average price of $96.16 and a 200 day moving average price of $97.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.10. The company had revenue of $92.13 million for the quarter, compared to the consensus estimate of $85.56 million. Rhythm Pharmaceuticals had a negative net margin of 69.03% and a negative return on equity of 171.16%. Rhythm Pharmaceuticals’s revenue was up 79.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.82) earnings per share. Equities analysts predict that Rhythm Pharmaceuticals will post -3.57 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Alastair Garfield sold 7,763 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $117.57, for a total value of $912,695.91. Following the completion of the transaction, the insider owned 2,295 shares in the company, valued at $269,823.15. This represents a 77.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Meeker sold 50,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the sale, the chief executive officer owned 239,258 shares in the company, valued at $24,564,618.86. This represents a 17.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 258,450 shares of company stock worth $28,796,497 over the last 90 days. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RYTM. BlackRock Inc. bought a new position in shares of Rhythm Pharmaceuticals during the second quarter worth about $683,601,000. Primecap Management Co. CA bought a new stake in Rhythm Pharmaceuticals in the second quarter valued at about $351,838,000. Jupiter Topco LLC acquired a new stake in Rhythm Pharmaceuticals during the second quarter valued at approximately $102,752,000. Bank of America Corp DE raised its stake in Rhythm Pharmaceuticals by 180.0% during the first quarter. Bank of America Corp DE now owns 628,667 shares of the company’s stock valued at $54,675,000 after buying an additional 404,183 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $43,751,000.

More Rhythm Pharmaceuticals News

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: Reported $10 billion AstraZeneca offer: The Wall Street Journal and Reuters reported that AstraZeneca made an offer to acquire Rhythm, potentially valuing it well above the company’s recent market capitalization. A deal could provide a substantial takeover premium, though neither a completed transaction nor agreed terms were confirmed. Reuters article
• Positive Sentiment: More favorable access for IMCIVREE: The UK’s NICE updated its positive guidance to include adults with genetically confirmed Bardet-Biedl syndrome, potentially broadening access to the treatment and supporting future sales. Company announcement
• Positive Sentiment: Analyst optimism: Guggenheim raised its price target to $147 and maintained a Buy rating; Citizens JMP raised its target to $166 and maintained Market Outperform. RBC also estimated that worldwide IMCIVREE sales could reach $2 billion by 2030. RBC sales estimate
• Positive Sentiment: Strong quarterly results: Rhythm’s latest reported quarter exceeded analyst expectations for revenue and earnings per share, with revenue up 79.6% year over year, reinforcing the company’s commercial growth story.
• Negative Sentiment: Takeover uncertainty may temper the rally: The reported AstraZeneca bid has not been confirmed as an agreement. After the news drove a large move, uncertainty over whether a transaction will proceed could contribute to volatility or a pullback.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.