Rhythm Pharmaceuticals (NASDAQ:RYTM) Downgraded by Bank of America

Rhythm Pharmaceuticals (NASDAQ:RYTM) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $42.00 target price on the stock, down from their prior target price of $49.00. Bank of America‘s price objective would indicate a potential upside of 9.09% from the stock’s current price.

Several other analysts have also recently issued reports on RYTM. Wells Fargo & Company cut their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Thursday, April 18th. The Goldman Sachs Group increased their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Finally, Needham & Company LLC reduced their target price on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $54.33.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $38.50 on Wednesday. Rhythm Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.57. The firm has a market cap of $2.35 billion, a PE ratio of -8.32 and a beta of 1.94. The business has a 50 day moving average price of $40.58 and a 200-day moving average price of $39.85.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). The firm had revenue of $26.00 million for the quarter, compared to the consensus estimate of $26.90 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The company’s quarterly revenue was up 126.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.92) earnings per share. Research analysts predict that Rhythm Pharmaceuticals will post -4.02 EPS for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 1,594 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $81,899.72. Following the completion of the transaction, the executive vice president now owns 7,702 shares in the company, valued at $395,728.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Joseph Shulman sold 18,235 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $40.34, for a total transaction of $735,599.90. Following the completion of the transaction, the insider now owns 30 shares of the company’s stock, valued at approximately $1,210.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Yann Mazabraud sold 1,594 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $81,899.72. Following the completion of the sale, the executive vice president now directly owns 7,702 shares in the company, valued at $395,728.76. The disclosure for this sale can be found here. Insiders sold a total of 100,295 shares of company stock worth $4,010,381 in the last quarter. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. AJOVista LLC purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at about $42,000. Nisa Investment Advisors LLC lifted its stake in shares of Rhythm Pharmaceuticals by 91.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock worth $58,000 after buying an additional 600 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Rhythm Pharmaceuticals by 95.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company’s stock valued at $33,000 after acquiring an additional 713 shares in the last quarter. Quarry LP purchased a new position in Rhythm Pharmaceuticals in the 4th quarter worth approximately $69,000. Finally, ZRC Wealth Management LLC lifted its position in Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after acquiring an additional 1,571 shares in the last quarter.

Rhythm Pharmaceuticals Company Profile

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.