Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives Buy Rating from Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity Group in a research note issued to investors on Wednesday, Benzinga reports.

Other equities analysts have also issued research reports about the stock. Morgan Stanley boosted their price objective on shares of Rhythm Pharmaceuticals from $16.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 9th. The Goldman Sachs Group boosted their price objective on shares of Rhythm Pharmaceuticals from $31.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, November 10th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Rhythm Pharmaceuticals Trading Down 1.9 %

Shares of RYTM opened at $29.63 on Wednesday. The stock has a market cap of $1.67 billion, a P/E ratio of -8.28 and a beta of 1.89. The company has a 50-day moving average of $28.14 and a two-hundred day moving average of $23.04. Rhythm Pharmaceuticals has a 12-month low of $3.04 and a 12-month high of $34.99.

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) last announced its earnings results on Tuesday, November 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.01) by $0.22. The company had revenue of $4.28 million during the quarter, compared to analysts’ expectations of $5.36 million. Rhythm Pharmaceuticals had a negative net margin of 1,089.07% and a negative return on equity of 72.83%. As a group, analysts forecast that Rhythm Pharmaceuticals will post -3.55 EPS for the current fiscal year.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Swiss National Bank boosted its stake in shares of Rhythm Pharmaceuticals by 7.2% in the first quarter. Swiss National Bank now owns 83,300 shares of the company’s stock valued at $960,000 after purchasing an additional 5,600 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Rhythm Pharmaceuticals by 21.1% in the first quarter. JPMorgan Chase & Co. now owns 26,981 shares of the company’s stock valued at $312,000 after purchasing an additional 4,701 shares during the period. MetLife Investment Management LLC boosted its stake in Rhythm Pharmaceuticals by 59.0% during the 1st quarter. MetLife Investment Management LLC now owns 24,442 shares of the company’s stock valued at $282,000 after acquiring an additional 9,070 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Rhythm Pharmaceuticals by 21.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 193,709 shares of the company’s stock valued at $2,231,000 after acquiring an additional 34,840 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake 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 acquiring an additional 2,261,778 shares during the last quarter.

About Rhythm Pharmaceuticals

(Get Rating)

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.

Further Reading

Analyst Recommendations for Rhythm Pharmaceuticals (NASDAQ:RYTM)

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