Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by Canaccord Genuity Group from $105.00 to $114.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 16.75% from the company’s previous close.

RYTM has been the subject of several other research reports. Oppenheimer cut shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Morgan Stanley boosted their price target on Rhythm Pharmaceuticals from $122.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 8th. JMP Securities lifted their price objective on Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the company a “market outperform” rating in a report on Thursday, September 25th. Finally, HC Wainwright increased their target price on Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.23.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded down $2.65 during mid-day trading on Monday, hitting $97.65. The stock had a trading volume of 453,021 shares, compared to its average volume of 655,293. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of -32.44 and a beta of 2.12. Rhythm Pharmaceuticals has a twelve month low of $45.90 and a twelve month high of $116.00. The company’s 50 day simple moving average is $103.00 and its 200 day simple moving average is $85.06.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10). The company had revenue of $51.30 million during the quarter, compared to analyst estimates of $50.71 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. As a group, equities analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 14,437 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $112.03, for a total value of $1,617,377.11. Following the sale, the insider directly owned 8,509 shares in the company, valued at approximately $953,263.27. This trade represents a 62.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Hunter C. Smith sold 24,611 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $96.33, for a total transaction of $2,370,777.63. Following the transaction, the chief financial officer owned 116,915 shares of the company’s stock, valued at approximately $11,262,421.95. This represents a 17.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 60,776 shares of company stock valued at $6,330,653. 6.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of RYTM. Smartleaf Asset Management LLC raised its position in Rhythm Pharmaceuticals by 97.2% in the third quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock valued at $29,000 after purchasing an additional 141 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Rhythm Pharmaceuticals in the 1st quarter valued at approximately $34,000. Farther Finance Advisors LLC boosted its position in Rhythm Pharmaceuticals by 1,110.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 351 shares of the company’s stock worth $35,000 after buying an additional 322 shares during the period. Osaic Holdings Inc. grew its holdings in Rhythm Pharmaceuticals by 65.9% during the 2nd quarter. Osaic Holdings Inc. now owns 979 shares of the company’s stock worth $62,000 after acquiring an additional 389 shares during the last quarter. Finally, State of Wyoming acquired a new position in Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $67,000.

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.