Zacks Investment Research Upgrades Rhythm Pharmaceuticals (NASDAQ:RYTM) to Buy

Zacks Investment Research upgraded shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) from a hold rating to a buy rating in a research note issued to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $25.00 target price on the stock.

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. “

Other equities analysts have also issued reports about the stock. Cowen reaffirmed a buy rating and set a $40.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, September 25th. LADENBURG THALM/SH SH reiterated a buy rating and issued a $43.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, September 9th. Finally, BidaskClub raised shares of Rhythm Pharmaceuticals from a strong sell rating to a sell rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $36.50.

RYTM stock traded up $0.54 during trading on Thursday, hitting $24.41. 268,295 shares of the company traded hands, compared to its average volume of 183,634. The stock’s 50-day simple moving average is $22.02 and its 200 day simple moving average is $22.09. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.78 and a quick ratio of 6.78. The company has a market cap of $1.07 billion, a PE ratio of -10.21 and a beta of 0.66. Rhythm Pharmaceuticals has a 1 year low of $18.00 and a 1 year high of $31.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Friday, November 1st. The company reported ($1.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.06) by $0.02. Research analysts expect that Rhythm Pharmaceuticals will post -4 earnings per share for the current year.

In related news, Director Todd Foley sold 25,366 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $22.03, for a total value of $558,812.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 444,075 shares of company stock valued at $9,935,520 in the last ninety days. 4.45% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Rhythm Pharmaceuticals by 24.9% during the second quarter. BlackRock Inc. now owns 1,908,058 shares of the company’s stock worth $41,976,000 after acquiring an additional 380,085 shares during the period. Millennium Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 1,110.9% during the third quarter. Millennium Management LLC now owns 240,428 shares of the company’s stock worth $5,190,000 after purchasing an additional 220,573 shares in the last quarter. University of Notre Dame DU Lac acquired a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter worth about $3,051,000. State Street Corp raised its position in shares of Rhythm Pharmaceuticals by 18.7% during the 3rd quarter. State Street Corp now owns 717,540 shares of the company’s stock worth $15,492,000 after purchasing an additional 113,164 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at about $1,547,000. 78.13% of the stock is owned by institutional investors.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic disorders that result in life-threatening metabolic disorders. The company's lead product candidate is setmelanotide, a melanocortin-4 receptor agonist peptide, which is in Phase III clinical trials to treat pro-opiomelanocortin (POMC) and leptin receptor deficiency obesity, and Bardet-Biedl and Alström syndrome; and is in Phase II clinical trials for treating POMC heterozygous deficiency obesity and POMC epigenetic disorders.

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