Zacks Investment Research lowered shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) from a buy rating to a hold rating in a research report report published on Wednesday morning.

According to Zacks, “Rhythm Pharmaceuticals, Inc. is a biopharmaceutical company. It focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies which result in life-threatening metabolic disorders. The Company’s product candidate principally consists of setmelanotide, a potent, first-in-class melanocortin-4 receptor or MC4R, agonist for the treatment of rare genetic disorders of obesity. Rhythm Pharmaceuticals, Inc. is based in Boston, MA. “

Several other research firms also recently weighed in on RYTM. BidaskClub downgraded Rhythm Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, June 20th. ValuEngine upgraded Rhythm Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, May 2nd. Finally, Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $36.00 to $42.00 and gave the stock a buy rating in a research report on Monday, June 25th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $34.40.

NASDAQ:RYTM opened at $31.73 on Wednesday. Rhythm Pharmaceuticals has a twelve month low of $16.80 and a twelve month high of $37.23. The firm has a market cap of $1.08 billion and a PE ratio of -11.21.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Wednesday, August 8th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.04). equities research analysts predict that Rhythm Pharmaceuticals will post -1.66 EPS for the current year.

In other news, major shareholder Orbimed Advisors Llc sold 131,636 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, May 21st. The stock was sold at an average price of $30.88, for a total transaction of $4,064,919.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.93% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in shares of Rhythm Pharmaceuticals by 110.5% during the second quarter. Bank of America Corp DE now owns 6,251 shares of the company’s stock worth $195,000 after purchasing an additional 3,282 shares during the last quarter. Alps Advisors Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 9.2% in the second quarter. Alps Advisors Inc. now owns 39,952 shares of the company’s stock valued at $1,249,000 after acquiring an additional 3,359 shares in the last quarter. Wells Fargo & Company MN bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $131,000. Metropolitan Life Insurance Co. NY bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $196,000. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Rhythm Pharmaceuticals by 642.8% in the second quarter. Cubist Systematic Strategies LLC now owns 8,735 shares of the company’s stock valued at $273,000 after acquiring an additional 7,559 shares in the last quarter. Institutional investors and hedge funds own 88.53% of the company’s stock.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.

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