Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Buy Rating from Analysts at Citigroup

Citigroup started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a report issued on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $136.00 price target on the stock. Citigroup’s price target would indicate a potential upside of 26.61% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Wall Street Zen downgraded Rhythm Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, October 8th. Guggenheim lifted their target price on shares of Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. JMP Securities increased their price target on shares of Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the stock a “market outperform” rating in a research note on Thursday, September 25th. Finally, HC Wainwright raised their price objective on shares of Rhythm Pharmaceuticals from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.86.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM opened at $107.42 on Tuesday. Rhythm Pharmaceuticals has a 12 month low of $45.90 and a 12 month high of $116.00. The firm has a market capitalization of $7.17 billion, a P/E ratio of -35.69 and a beta of 2.12. The company’s fifty day moving average price is $103.42 and its 200 day moving average price is $88.39.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.71 million. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Activity

In related news, insider Joseph Shulman sold 14,437 shares of the stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $112.03, for a total transaction of $1,617,377.11. Following the completion of the transaction, the insider directly owned 8,509 shares of the company’s stock, valued at $953,263.27. This represents a 62.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 27,000 shares of company stock worth $3,064,490 in the last quarter. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 39.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock worth $504,589,000 after buying an additional 1,407,313 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in Rhythm Pharmaceuticals during the first quarter worth about $71,038,000. Alliancebernstein L.P. increased its holdings in Rhythm Pharmaceuticals by 1,493.8% in the third quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock valued at $98,938,000 after buying an additional 918,212 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rhythm Pharmaceuticals by 445.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock valued at $49,513,000 after acquiring an additional 639,919 shares during the period. Finally, Capital Research Global Investors purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $60,417,000.

About Rhythm Pharmaceuticals

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.