Rhythm Pharmaceuticals (NASDAQ:RYTM) Upgraded by Zacks Research to Hold Rating

Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also commented on RYTM. Wells Fargo & Company raised their price target on Rhythm Pharmaceuticals from $129.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Citizens Jmp raised their target price on Rhythm Pharmaceuticals from $141.00 to $167.00 and gave the stock a “market outperform” rating in a research note on Friday, December 12th. Morgan Stanley reiterated an “overweight” rating and set a $150.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday, December 11th. Needham & Company LLC increased their price target on shares of Rhythm Pharmaceuticals from $145.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, January 9th. Finally, The Goldman Sachs Group boosted their price objective on shares of Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $131.50.

Rhythm Pharmaceuticals Stock Down 1.2%

NASDAQ RYTM opened at $101.30 on Tuesday. The firm has a market cap of $6.76 billion, a P/E ratio of -32.68 and a beta of 2.00. The company’s 50 day moving average is $105.98 and its 200-day moving average is $103.23. Rhythm Pharmaceuticals has a 12-month low of $45.90 and a 12-month high of $122.20.

Insider Buying and Selling

In related news, CFO Hunter C. Smith sold 3,381 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $106.06, for a total value of $358,588.86. Following the transaction, the chief financial officer owned 125,537 shares of the company’s stock, valued at $13,314,454.22. This represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pamela J. Cramer sold 3,350 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $111.00, for a total value of $371,850.00. Following the sale, the insider owned 20,814 shares in the company, valued at $2,310,354. The trade was a 13.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 17,049 shares of company stock valued at $1,783,165. Corporate insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. RA Capital Management L.P. boosted its stake in Rhythm Pharmaceuticals by 17.3% in the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock worth $713,618,000 after buying an additional 985,478 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 24.3% in the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock valued at $664,816,000 after purchasing an additional 1,214,489 shares in the last quarter. State Street Corp boosted its stake in shares of Rhythm Pharmaceuticals by 8.4% in the 4th quarter. State Street Corp now owns 2,198,615 shares of the company’s stock valued at $235,340,000 after purchasing an additional 169,964 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 2.5% during the 3rd quarter. Federated Hermes Inc. now owns 1,727,885 shares of the company’s stock valued at $174,499,000 after purchasing an additional 41,391 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its position in Rhythm Pharmaceuticals by 21.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,629,468 shares of the company’s stock worth $102,966,000 after purchasing an additional 288,376 shares during the period.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.