Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives New Coverage from Analysts at JMP Securities

Equities research analysts at JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set an "outperform" rating and a $64.00 price target on the stock. JMP Securities' price target would indicate a potential upside of 20.37% from the stock's current price.

Separately, Needham & Company LLC reiterated a "buy" rating and set a $55.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Rhythm Pharmaceuticals Trading Up 7.4 %

Shares of NASDAQ RYTM traded up $3.65 during mid-day trading on Tuesday, reaching $53.17. The company had a trading volume of 1,790,899 shares, compared to its average volume of 560,390. The stock has a market cap of $3.24 billion, a PE ratio of -11.48 and a beta of 2.07. The company has a 50-day moving average price of $47.57 and a two-hundred day moving average price of $42.86. Rhythm Pharmaceuticals has a 1-year low of $20.97 and a 1-year high of $54.85.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.71) by $0.16. The business had revenue of $29.08 million for the quarter, compared to analysts' expectations of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company's quarterly revenue was up 51.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.82) EPS. On average, research analysts expect that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the business's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the sale, the insider now owns 30 shares of the company's stock, valued at $1,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the business's stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the sale, the insider now owns 30 shares of the company's stock, valued at $1,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Pamela J. Cramer sold 49,006 shares of the business's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares of the company's stock, valued at approximately $609,525. The disclosure for this sale can be found here. Insiders sold 95,282 shares of company stock valued at $4,550,639 over the last quarter. Insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Perceptive Advisors LLC lifted its position in shares of Rhythm Pharmaceuticals by 5.4% during the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company's stock worth $141,517,000 after purchasing an additional 178,000 shares during the last quarter. Algert Global LLC raised its holdings in Rhythm Pharmaceuticals by 50.8% in the 2nd quarter. Algert Global LLC now owns 104,132 shares of the company's stock valued at $4,276,000 after acquiring an additional 35,084 shares in the last quarter. Frazier Life Sciences Management L.P. raised its holdings in 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 in the last quarter. Driehaus Capital Management LLC raised its holdings in Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock valued at $48,548,000 after acquiring an additional 326,865 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Rhythm Pharmaceuticals by 3.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,291 shares of the company's stock valued at $2,024,000 after acquiring an additional 1,667 shares in the last quarter.

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.