Rhythm Pharmaceuticals (NASDAQ:RYTM) Hits New 12-Month High – Here’s Why

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $122.00 and last traded at $119.6480, with a volume of 891265 shares trading hands. The stock had previously closed at $104.77.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Rhythm Pharmaceuticals from $122.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. The Goldman Sachs Group reduced their target price on Rhythm Pharmaceuticals from $157.00 to $139.00 and set a “buy” rating on the stock in a report on Friday, October 17th. HC Wainwright increased their price target on Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, September 29th. Citigroup began coverage on Rhythm Pharmaceuticals in a report on Tuesday, November 25th. They set a “buy” rating and a $136.00 price target for the company. Finally, Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $95.00 to $122.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.86.

Rhythm Pharmaceuticals Stock Performance

The company has a market cap of $7.98 billion, a PE ratio of -38.67 and a beta of 1.96. The stock has a fifty day moving average of $104.61 and a 200-day moving average of $91.49.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.10). The company had revenue of $51.30 million during the quarter, compared to analysts’ expectations of $50.71 million. Rhythm Pharmaceuticals had a negative return on equity of 433.21% and a negative net margin of 110.32%. As a group, equities analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 9,748 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $115.24, for a total value of $1,123,359.52. Following the transaction, the insider directly owned 8,509 shares in the company, valued at approximately $980,577.16. This trade represents a 53.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 27,000 shares of company stock valued at $3,064,490 in the last ninety days. Insiders own 6.10% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RYTM. PNC Financial Services Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 1,386.2% in the first quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company’s stock worth $239,000 after acquiring an additional 4,214 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 445,429 shares of the company’s stock valued at $23,594,000 after purchasing an additional 5,179 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Rhythm Pharmaceuticals by 730.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 50,557 shares of the company’s stock valued at $2,678,000 after acquiring an additional 44,468 shares in the last quarter. Entropy Technologies LP acquired a new position in Rhythm Pharmaceuticals in the first quarter valued at about $291,000. Finally, Aigen Investment Management LP bought a new stake in Rhythm Pharmaceuticals during the first quarter worth about $408,000.

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.