Rhythm Pharmaceuticals (NASDAQ:RYTM) Reaches New 1-Year High - Time to Buy?

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $56.16 and last traded at $56.03, with a volume of 469273 shares traded. The stock had previously closed at $52.99.

Analyst Ratings Changes

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

Rhythm Pharmaceuticals Trading Up 6.2 %

The stock has a 50-day moving average of $49.75 and a two-hundred day moving average of $45.21. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of -12.92 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business had revenue of $29.08 million during the quarter, compared to analysts' expectations of $28.79 million. During the same quarter in the previous year, the firm earned ($0.82) EPS. The firm's revenue was up 51.3% compared to the same quarter last year. Sell-side analysts expect that Rhythm Pharmaceuticals, Inc. will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, Director Jennifer L. Good sold 31,751 shares of the business's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the sale, the director now owns 3,000 shares of the company's stock, valued at $157,200. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now owns 3,000 shares in the company, valued at approximately $157,200. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pamela J. Cramer sold 3,200 shares of the business's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the completion of the transaction, the insider now directly owns 13,500 shares of the company's stock, valued at approximately $675,135. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,857 shares of company stock valued at $5,325,446 in the last ninety days. Company insiders own 5.60% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock valued at $1,707,000 after purchasing an additional 23,054 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Rhythm Pharmaceuticals by 19.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company's stock valued at $2,167,000 after purchasing an additional 6,741 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 64.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,758 shares of the company's stock worth $616,000 after purchasing an additional 4,595 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company's stock worth $114,000 after acquiring an additional 391 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its stake in shares of Rhythm Pharmaceuticals by 4.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 100,961 shares of the company's stock valued at $5,289,000 after purchasing an additional 4,583 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.

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