Guggenheim Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective lifted by equities research analysts at Guggenheim from $140.00 to $143.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would indicate a potential upside of 45.81% from the stock’s current price.

A number of other research analysts have also recently issued reports on RYTM. Royal Bank Of Canada initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, February 18th. They set an “outperform” rating and a $145.00 price target for the company. HC Wainwright lifted their price objective on Rhythm Pharmaceuticals from $123.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Citizens Jmp lifted their price objective on Rhythm Pharmaceuticals from $141.00 to $167.00 and gave the company a “market outperform” rating in a research note on Friday, December 12th. Oppenheimer cut Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Finally, The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $133.71.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM opened at $98.07 on Friday. Rhythm Pharmaceuticals has a 1 year low of $45.90 and a 1 year high of $122.20. The company’s 50-day moving average is $104.28 and its 200 day moving average is $103.50. The stock has a market capitalization of $6.55 billion, a P/E ratio of -31.64 and a beta of 2.00.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.06. The firm had revenue of $57.25 million during the quarter, compared to analyst estimates of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 433.21% and a negative net margin of 110.32%.The business’s revenue was up 36.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.72) EPS. Research analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Pamela J. Cramer sold 3,350 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $111.00, for a total transaction of $371,850.00. Following the sale, the insider directly owned 20,814 shares of the company’s stock, valued at $2,310,354. This trade represents a 13.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Hunter C. Smith sold 4,385 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the sale, the chief financial officer owned 110,512 shares of the company’s stock, valued at $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 25,003 shares of company stock worth $2,589,015. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. RA Capital Management L.P. boosted its holdings in Rhythm Pharmaceuticals by 17.3% in the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock worth $713,618,000 after purchasing an additional 985,478 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 24.3% during the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock valued at $664,816,000 after buying an additional 1,214,489 shares during the period. State Street Corp boosted its stake in shares of Rhythm Pharmaceuticals by 8.4% in the 4th quarter. State Street Corp now owns 2,198,615 shares of the company’s stock worth $235,340,000 after buying an additional 169,964 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 2.5% in the third quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock worth $174,499,000 after acquiring an additional 41,391 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Rhythm Pharmaceuticals by 21.5% in the second quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company’s stock worth $102,966,000 after acquiring an additional 288,376 shares during the period.

Rhythm Pharmaceuticals Company Profile

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.