JMP Securities Reiterates “Market Outperform” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

JMP Securities reissued their market outperform rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report issued on Thursday,Benzinga reports. The firm currently has a $84.00 price target on the stock.

A number of other research firms have also recently commented on RYTM. HC Wainwright restated a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Canaccord Genuity Group upped their target price on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their price target on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Stifel Nicolaus increased their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. Finally, Bank of America upgraded Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Monday, April 7th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $77.31.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM opened at $61.44 on Thursday. Rhythm Pharmaceuticals has a 1 year low of $39.46 and a 1 year high of $69.89. The firm has a 50-day simple moving average of $62.43 and a two-hundred day simple moving average of $58.09. The company has a market cap of $3.91 billion, a P/E ratio of -21.86 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). The business had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. Rhythm Pharmaceuticals’s revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted ($2.35) earnings per share. As a group, equities research analysts expect that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 20,760 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $60.14, for a total transaction of $1,248,506.40. Following the completion of the sale, the insider now directly owns 19,209 shares in the company, valued at approximately $1,155,229.26. The trade was a 51.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Christopher Paul German sold 2,069 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.19, for a total transaction of $139,016.11. Following the completion of the sale, the chief accounting officer now directly owns 1,889 shares in the company, valued at $126,921.91. This trade represents a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,386 shares of company stock valued at $3,845,167 over the last ninety days. 6.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. grew its position in Rhythm Pharmaceuticals by 2.7% during the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company’s stock worth $84,321,000 after purchasing an additional 42,236 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 12.9% in the first quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company’s stock worth $77,231,000 after buying an additional 167,047 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in Rhythm Pharmaceuticals during the first quarter worth about $71,038,000. Janus Henderson Group PLC grew its holdings in Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after acquiring an additional 621,432 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock valued at $63,515,000 after acquiring an additional 513,901 shares in the last quarter.

About Rhythm Pharmaceuticals

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.