Guggenheim Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price boosted by equities researchers at Guggenheim from $143.00 to $147.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s target price would suggest a potential upside of 38.63% from the stock’s current price.

RYTM has been the topic of a number of other reports. Citizens Jmp upped their target price on Rhythm Pharmaceuticals from $160.00 to $166.00 and gave the company a “market outperform” rating in a research report on Wednesday. Leerink Partners started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, September 14th. They set an “outperform” rating and a $133.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, August 28th. They issued a “hold” rating and a $120.00 price target for the company. Royal Bank Of Canada restated an “outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Eighteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $142.17.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM traded down $4.64 during midday trading on Thursday, reaching $106.04. 2,678,368 shares of the company’s stock were exchanged, compared to its average volume of 812,346. Rhythm Pharmaceuticals has a 52-week low of $74.50 and a 52-week high of $122.20. The business’s fifty day moving average price is $96.29 and its two-hundred day moving average price is $97.18. The stock has a market capitalization of $7.27 billion, a PE ratio of -36.56 and a beta of 2.17.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.10. Rhythm Pharmaceuticals had a negative return on equity of 159.32% and a negative net margin of 69.03%. The firm had revenue of $92.13 million during the quarter, compared to the consensus estimate of $85.56 million. During the same quarter in the prior year, the business posted ($0.82) earnings per share. Rhythm Pharmaceuticals’s revenue for the quarter was up 79.6% on a year-over-year basis. Analysts predict that Rhythm Pharmaceuticals will post -2.77 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 5,079 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $119.75, for a total value of $608,210.25. Following the completion of the transaction, the insider owned 15,915 shares in the company, valued at approximately $1,905,821.25. This trade represents a 24.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hunter C. Smith sold 62,774 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $105.46, for a total value of $6,620,146.04. Following the completion of the sale, the chief financial officer owned 114,024 shares of the company’s stock, valued at $12,024,971.04. This trade represents a 35.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 258,450 shares of company stock valued at $28,796,497 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after purchasing an additional 97 shares during the period. EverSource Wealth Advisors LLC increased its stake in Rhythm Pharmaceuticals by 106.4% during the first quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company’s stock valued at $48,000 after purchasing an additional 283 shares during the last quarter. Global Retirement Partners LLC bought a new stake in Rhythm Pharmaceuticals during the second quarter valued at $51,000. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 894.0% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 666 shares of the company’s stock worth $63,000 after purchasing an additional 599 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Rhythm Pharmaceuticals by 9.1% during the third quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after purchasing an additional 136 shares during the period.

Trending Headlines about Rhythm Pharmaceuticals

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: Reported takeover offer: AstraZeneca’s reported offer would value Rhythm at roughly $10 billion and add its rare-disease treatments to AstraZeneca’s portfolio. The report triggered a sharp move in RYTM shares and a temporary trading halt. Reuters article on reported AstraZeneca offer
• Positive Sentiment: Expanded UK treatment access: NICE issued positive updated guidance extending IMCIVREE use to adults with genetically confirmed Bardet-Biedl syndrome, potentially broadening access to the treatment. Rhythm Pharmaceuticals NICE guidance announcement
• Positive Sentiment: Sales potential: RBC said IMCIVREE could reach $2 billion in worldwide sales by 2030, reinforcing the commercial-growth case for Rhythm. RBC sales forecast article
• Positive Sentiment: Analyst support: Citizens JMP raised its price target to $166 and maintained a market-outperform rating. Citizens JMP rating information
• Neutral Sentiment: Quarterly results were mixed for sentiment: Rhythm reported a smaller-than-expected Q3 loss and revenue above estimates, but shares had slipped after the earnings announcement. Q3 earnings flash
• Negative Sentiment: Lower target from Needham: Needham cut its price target from $130 to $114, while retaining a Buy rating—an offsetting caution amid the takeover speculation. Needham rating information

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 work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.