Zacks Research Upgrades Rhythm Pharmaceuticals (NASDAQ:RYTM) to Hold

Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

RYTM has been the subject of a number of other research reports. UBS Group restated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, December 17th. Royal Bank Of Canada assumed coverage on Rhythm Pharmaceuticals in a research note on Wednesday. They issued an “outperform” rating for the company. Morgan Stanley reiterated an “overweight” rating and issued a $150.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday, December 11th. Oppenheimer cut shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 5th. Finally, Needham & Company LLC increased their price target on shares of Rhythm Pharmaceuticals from $145.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.50.

Rhythm Pharmaceuticals Stock Down 1.2%

Shares of RYTM opened at $101.30 on Tuesday. The stock has a market capitalization of $6.76 billion, a P/E ratio of -32.68 and a beta of 2.00. Rhythm Pharmaceuticals has a twelve month low of $45.90 and a twelve month high of $122.20. The firm has a fifty day simple moving average of $105.98 and a two-hundred day simple moving average of $103.23.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 1,592 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $98.23, for a total value of $156,382.16. Following the sale, the chief financial officer owned 118,466 shares in the company, valued at approximately $11,636,915.18. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Pamela J. Cramer sold 3,350 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $111.00, for a total transaction of $371,850.00. Following the sale, the insider owned 20,814 shares of the company’s stock, valued at approximately $2,310,354. This represents a 13.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 17,049 shares of company stock worth $1,783,165. Company insiders own 6.10% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised its position in shares of Rhythm Pharmaceuticals by 956.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 13,254 shares of the company’s stock valued at $1,339,000 after purchasing an additional 12,000 shares during the period. EFG Asset Management North America Corp. bought a new stake in Rhythm Pharmaceuticals during the 3rd quarter valued at approximately $2,047,000. Penserra Capital Management LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $3,073,000. Norges Bank bought a new position in Rhythm Pharmaceuticals in the 2nd quarter worth approximately $13,105,000. Finally, SG Americas Securities LLC grew its holdings in Rhythm Pharmaceuticals by 216.2% during the 3rd quarter. SG Americas Securities LLC now owns 19,554 shares of the company’s stock valued at $1,975,000 after buying an additional 13,369 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.