Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Gap Up Following Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTMGet Rating)’s stock price gapped up prior to trading on Tuesday after Morgan Stanley raised their price target on the stock from $8.00 to $16.00. The stock had previously closed at $12.45, but opened at $12.85. Morgan Stanley currently has an equal weight rating on the stock. Rhythm Pharmaceuticals shares last traded at $13.67, with a volume of 7,162 shares trading hands.

A number of other research analysts have also commented on the stock. Stifel Nicolaus raised their price objective on shares of Rhythm Pharmaceuticals from $25.00 to $37.00 in a research note on Wednesday, July 20th. LADENBURG THALM/SH SH raised their price objective on shares of Rhythm Pharmaceuticals from $15.00 to $23.00 in a research note on Wednesday, July 13th. The Goldman Sachs Group raised their price objective on shares of Rhythm Pharmaceuticals from $4.00 to $6.00 and gave the company a “neutral” rating in a research note on Tuesday, July 12th. Wells Fargo & Company raised their price objective on shares of Rhythm Pharmaceuticals from $22.00 to $35.00 in a research note on Tuesday. Finally, Needham & Company LLC lowered their price objective on shares of Rhythm Pharmaceuticals from $40.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, June 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.67.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 7,547 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $4.08, for a total value of $30,791.76. Following the transaction, the chief financial officer now owns 57,614 shares in the company, valued at $235,065.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. Assenagon Asset Management S.A. boosted its stake in Rhythm Pharmaceuticals by 36.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 684,746 shares of the company’s stock worth $6,834,000 after purchasing an additional 182,476 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 554.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,600 shares of the company’s stock valued at $27,000 after buying an additional 3,050 shares during the period. Northern Trust Corp boosted its stake in shares of Rhythm Pharmaceuticals by 2.1% during the 4th quarter. Northern Trust Corp now owns 429,071 shares of the company’s stock valued at $4,282,000 after buying an additional 8,637 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Rhythm Pharmaceuticals by 242.6% during the 4th quarter. BNP Paribas Arbitrage SA now owns 37,374 shares of the company’s stock valued at $373,000 after buying an additional 26,466 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 60.8% during the 4th quarter. Citigroup Inc. now owns 96,017 shares of the company’s stock valued at $958,000 after buying an additional 36,291 shares during the period.

Rhythm Pharmaceuticals Stock Performance

The business’s 50 day simple moving average is $6.68 and its 200-day simple moving average is $7.42. The company has a market cap of $883.41 million, a price-to-earnings ratio of -5.31 and a beta of 2.53.

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) last issued its earnings results on Tuesday, May 3rd. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.07). The company had revenue of $1.50 million for the quarter, compared to analyst estimates of $2.45 million. Rhythm Pharmaceuticals had a negative net margin of 3,598.16% and a negative return on equity of 55.66%. During the same period last year, the business earned $0.90 EPS. Research analysts expect that Rhythm Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

About Rhythm Pharmaceuticals

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Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.

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