Rhythm Pharmaceuticals (NASDAQ:RYTM) Shares Gap Up on Analyst Upgrade

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report)'s stock price gapped up before the market opened on Monday after Canaccord Genuity Group raised their price target on the stock from $81.00 to $92.00. The stock had previously closed at $46.95, but opened at $48.33. Canaccord Genuity Group currently has a buy rating on the stock. Rhythm Pharmaceuticals shares last traded at $46.63, with a volume of 609,459 shares traded.

Several other equities research analysts also recently weighed in on the company. Oppenheimer began coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an "outperform" rating and a $76.00 price target for the company. Needham & Company LLC raised their price objective on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. JMP Securities reiterated a "market outperform" rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a "buy" rating and a $80.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $74.92.

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Insider Activity

In other news, CAO Christopher Paul German sold 635 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO David P. Meeker sold 4,278 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $254,241.54. Following the completion of the transaction, the chief executive officer now owns 189,927 shares of the company's stock, valued at $11,287,361.61. The trade was a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,641 shares of company stock worth $8,112,177 over the last three months. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently bought and sold shares of RYTM. SRS Capital Advisors Inc. raised its position in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock worth $25,000 after buying an additional 400 shares during the period. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $28,000. SBI Securities Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $37,000. R Squared Ltd purchased a new position in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $44,000. Finally, State of Wyoming purchased a new stake in Rhythm Pharmaceuticals during the fourth quarter worth approximately $61,000.

Rhythm Pharmaceuticals Price Performance

The company has a market cap of $3.76 billion, a price-to-earnings ratio of -13.75 and a beta of 2.32. The firm's 50-day moving average price is $54.57 and its 200-day moving average price is $55.34.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $41.83 million for the quarter, compared to analysts' expectations of $38.48 million. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals, Inc. will post -4.32 earnings per share for the current year.

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.