Rhythm Pharmaceuticals (NASDAQ:RYTM) Now Covered by Analysts at Leerink Partners

Investment analysts at Leerink Partners assumed coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued on Monday. The firm set an “outperform” rating and a $133.00 price target on the stock. Leerink Partners’ price target suggests a potential upside of 30.68% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Rhythm Pharmaceuticals in a report on Friday, August 28th. They issued a “hold” rating and a $120.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Friday, July 17th. TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. JPMorgan Chase & Co. raised their price target on Rhythm Pharmaceuticals from $145.00 to $146.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Wells Fargo & Company lifted their target price on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a report on Monday, June 15th. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $140.67.

Rhythm Pharmaceuticals Trading Down 2.8%

NASDAQ RYTM traded down $2.94 during mid-day trading on Monday, hitting $101.77. The company’s stock had a trading volume of 182,566 shares, compared to its average volume of 751,019. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of -33.00 and a beta of 1.97. The company’s 50 day simple moving average is $108.65 and its 200 day simple moving average is $97.18.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.08. The business had revenue of $71.25 million for the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm’s revenue for the quarter was up 46.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.75) EPS. As a group, research analysts forecast that Rhythm Pharmaceuticals will post -2.86 EPS for the current year.

Insider Activity

In related news, CFO Hunter Smith sold 62,774 shares of the business’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $105.46, for a total transaction of $6,620,146.04. Following the completion of the transaction, the chief financial officer owned 114,024 shares in the company, valued at $12,024,971.04. The trade was a 35.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Lee sold 75,834 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total value of $8,901,394.92. Following the completion of the sale, the executive vice president owned 54,233 shares in the company, valued at approximately $6,365,869.54. The trade was a 58.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 245,450 shares of company stock worth $27,374,837 in the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in shares of Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after buying an additional 200 shares during the period. GAMMA Investing LLC boosted its stake in shares of Rhythm Pharmaceuticals by 36.3% during the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after purchasing an additional 97 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after buying an additional 113 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at about $51,000. Finally, Covestor Ltd grew its position in shares of Rhythm Pharmaceuticals by 328.9% in the 4th quarter. Covestor Ltd now owns 579 shares of the company’s stock worth $62,000 after buying an additional 444 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s research is centered on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s primary product is IMCIVREE (setmelanotide), an MC4R agonist. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 2 years old with obesity and certain genetically confirmed conditions affecting the MC4R pathway, including pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1 and leptin receptor deficiencies, as well as Bardet-Biedl syndrome.