Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading Up 13.5% on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTMGet Rating)’s stock price was up 13.5% on Wednesday after Morgan Stanley raised their price target on the stock from $8.00 to $16.00. Morgan Stanley currently has an equal weight rating on the stock. Rhythm Pharmaceuticals traded as high as $16.09 and last traded at $16.09. Approximately 33,229 shares changed hands during trading, a decline of 99% from the average daily volume of 4,502,821 shares. The stock had previously closed at $14.17.

Several other brokerages also recently weighed in on RYTM. LADENBURG THALM/SH SH increased their target price on Rhythm Pharmaceuticals from $15.00 to $23.00 in a research note on Wednesday, July 13th. Wells Fargo & Company raised their price objective on Rhythm Pharmaceuticals from $22.00 to $35.00 in a research report on Tuesday. Needham & Company LLC reduced their price objective on Rhythm Pharmaceuticals from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, June 17th. The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $4.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 12th. Finally, Stifel Nicolaus raised their price objective on Rhythm Pharmaceuticals from $25.00 to $37.00 in a research report on Wednesday, July 20th. 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.67.

Insider Buying and Selling

In related news, CFO Hunter C. Smith sold 7,547 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $4.08, for a total transaction of $30,791.76. Following the completion of the transaction, the chief financial officer now owns 57,614 shares in the company, valued at approximately $235,065.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of RYTM. Federated Hermes Inc. increased its holdings in Rhythm Pharmaceuticals by 80.7% during the 1st quarter. Federated Hermes Inc. now owns 5,065,113 shares of the company’s stock valued at $58,350,000 after purchasing an additional 2,261,778 shares in the last quarter. Rock Springs Capital Management LP increased its stake in shares of Rhythm Pharmaceuticals by 97.2% in the 1st quarter. Rock Springs Capital Management LP now owns 1,237,026 shares of the company’s stock valued at $14,251,000 after buying an additional 609,846 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 7.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,339,750 shares of the company’s stock valued at $38,474,000 after buying an additional 243,202 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Rhythm Pharmaceuticals by 36.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 684,746 shares of the company’s stock valued at $6,834,000 after buying an additional 182,476 shares during the period. Finally, Pinz Capital Management LP acquired a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter valued at $1,710,000.

Rhythm Pharmaceuticals Trading Up 23.7 %

The company has a 50 day moving average price of $6.68 and a 200 day moving average price of $7.42. The company has a market capitalization of $883.41 million, a price-to-earnings ratio of -5.31 and a beta of 2.53.

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

Rhythm Pharmaceuticals Company Profile

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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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