Morgan Stanley Reaffirms “Overweight” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Morgan Stanley reiterated their overweight rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Friday,Benzinga reports. Morgan Stanley currently has a $72.00 price target on the stock.

RYTM has been the subject of a number of other reports. The Goldman Sachs Group raised their price objective on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Needham & Company LLC reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Thursday, February 27th. Canaccord Genuity Group lifted their target price on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Jefferies Financial Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price for the company. Finally, HC Wainwright lifted their target price on shares of Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $69.31.

Rhythm Pharmaceuticals Trading Down 1.6 %

RYTM stock opened at $50.79 on Friday. The firm has a 50 day moving average of $56.53 and a 200-day moving average of $54.54. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58. The firm has a market capitalization of $3.21 billion, a P/E ratio of -11.73 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $41.83 million during the quarter, compared to the consensus estimate of $38.48 million. Sell-side analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. The trade was a 23.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David P. Meeker sold 9,896 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $566,249.12. Following the completion of the transaction, the chief executive officer now directly owns 201,281 shares in the company, valued at approximately $11,517,298.82. The trade was a 4.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,787 shares of company stock worth $1,901,443. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. SRS Capital Advisors Inc. boosted its stake in Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares in the last quarter. Raleigh Capital Management Inc. bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $28,000. SBI Securities Co. Ltd. bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $37,000. R Squared Ltd bought a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $44,000. Finally, State of Wyoming bought a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $61,000.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare 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.