Jefferies Financial Group Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

Analysts at Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) in a report issued on Thursday, MarketBeat.com reports. The brokerage set a "buy" rating and a $80.00 price target on the stock. Jefferies Financial Group's target price would indicate a potential upside of 33.18% from the company's current price.

A number of other analysts have also recently commented on the company. The Goldman Sachs Group upped their price objective on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, December 5th. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an "outperform" rating and a $76.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. JMP Securities reaffirmed a "market outperform" rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Finally, HC Wainwright reissued a "buy" rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.09.

Rhythm Pharmaceuticals Stock Up 7.3 %

Shares of NASDAQ RYTM traded up $4.09 during trading on Thursday, reaching $60.07. 864,828 shares of the company traded hands, compared to its average volume of 546,124. The firm has a 50 day simple moving average of $57.50 and a 200-day simple moving average of $50.95. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The stock has a market capitalization of $3.69 billion, a PE ratio of -13.87 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analysts' expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm's quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.76) earnings per share. As a group, research analysts predict that Rhythm Pharmaceuticals will post -4.34 EPS for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,688 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the sale, the insider now owns 13,500 shares in the company, valued at $877,500. The trade was a 25.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares of the company's stock, valued at $64,472.76. This trade represents a 98.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,830 shares of company stock worth $5,622,000 over the last ninety days. Corporate insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new stake in Rhythm Pharmaceuticals during the third quarter valued at $33,353,000. Driehaus Capital Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock worth $48,548,000 after buying an additional 326,865 shares during the last quarter. Candriam S.C.A. bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth about $11,143,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Rhythm Pharmaceuticals by 32.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock valued at $39,715,000 after buying an additional 236,600 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock valued at $97,366,000 after acquiring an additional 181,125 shares during 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.