Rhythm Pharmaceuticals (NASDAQ:RYTM) Trading 7.4% Higher - Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s stock price rose 7.4% on Monday . The company traded as high as $53.58 and last traded at $52.63. Approximately 202,863 shares traded hands during trading, a decline of 61% from the average daily volume of 524,687 shares. The stock had previously closed at $49.01.

Analyst Upgrades and Downgrades

RYTM has been the subject of a number of research analyst reports. Needham & Company LLC restated a "buy" rating and set a $55.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, October 30th. HC Wainwright restated a "buy" rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a "buy" rating and a $70.00 price target for the company. Bank of America lifted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Finally, JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an "outperform" rating and a $64.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.33.

Rhythm Pharmaceuticals Trading Up 8.1 %

The stock's 50 day moving average price is $49.75 and its 200 day moving average price is $45.21. The company has a market cap of $3.24 billion, a price-to-earnings ratio of -12.15 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted 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. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same quarter in the prior year, the company earned ($0.82) EPS. The company's revenue was up 51.3% on a year-over-year basis. On average, equities analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the completion of the sale, the insider now owns 13,500 shares of the company's stock, valued at $675,135. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $609,525. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 3,200 shares of the firm's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now owns 13,500 shares in the company, valued at $675,135. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 109,857 shares of company stock valued at $5,325,446 over the last 90 days. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 5.4% during the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company's stock valued at $141,517,000 after purchasing an additional 178,000 shares during the period. Vanguard Group Inc. boosted its position in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company's stock worth $143,169,000 after acquiring an additional 77,208 shares during the period. Frazier Life Sciences Management L.P. increased its holdings in Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock worth $97,366,000 after buying an additional 181,125 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock valued at $48,548,000 after purchasing an additional 326,865 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock worth $39,715,000 after buying an additional 236,600 shares during 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.