BidaskClub Upgrades Rhythm Pharmaceuticals (NASDAQ:RYTM) to “Buy”
RYTM has been the topic of several other research reports. Needham & Company LLC initiated coverage on Rhythm Pharmaceuticals in a report on Monday, August 3rd. They set a buy rating and a $42.00 price target on the stock. Zacks Investment Research downgraded Rhythm Pharmaceuticals from a buy rating to a hold rating in a report on Wednesday, August 26th. Stifel Nicolaus reiterated a buy rating and set a $31.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, August 3rd. LADENBURG THALM/SH SH reiterated a buy rating and set a $43.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, July 16th. Finally, Canaccord Genuity reissued a buy rating and issued a $31.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Rhythm Pharmaceuticals currently has a consensus rating of Buy and a consensus price target of $32.13.
NASDAQ:RYTM opened at $30.21 on Friday. The stock’s 50 day moving average price is $22.83 and its 200 day moving average price is $20.01. Rhythm Pharmaceuticals has a 52 week low of $12.99 and a 52 week high of $32.24. The company has a market capitalization of $1.33 billion, a P/E ratio of -9.13 and a beta of 1.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 15.96 and a current ratio of 15.96.
In related news, major shareholder Ra Capital Management, L.P. sold 11,568 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $25.05, for a total value of $289,778.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Foley sold 97,388 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $25.34, for a total value of $2,467,811.92. The disclosure for this sale can be found here. Insiders sold 211,832 shares of company stock valued at $5,228,345 over the last three months. 9.49% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its position in Rhythm Pharmaceuticals by 0.3% in the first quarter. Janus Henderson Group PLC now owns 4,319,033 shares of the company’s stock worth $65,735,000 after purchasing an additional 13,785 shares during the period. Primecap Management Co. CA lifted its position in Rhythm Pharmaceuticals by 69.2% in the first quarter. Primecap Management Co. CA now owns 3,542,591 shares of the company’s stock worth $53,918,000 after purchasing an additional 1,448,900 shares during the period. Federated Hermes Inc. lifted its position in Rhythm Pharmaceuticals by 5.0% in the first quarter. Federated Hermes Inc. now owns 2,265,900 shares of the company’s stock worth $34,487,000 after purchasing an additional 107,881 shares during the period. Vanguard Group Inc. lifted its position in Rhythm Pharmaceuticals by 15.2% in the second quarter. Vanguard Group Inc. now owns 1,971,023 shares of the company’s stock worth $43,954,000 after purchasing an additional 260,210 shares during the period. Finally, State Street Corp lifted its position in Rhythm Pharmaceuticals by 4.8% in the first quarter. State Street Corp now owns 977,701 shares of the company’s stock worth $14,881,000 after purchasing an additional 45,181 shares during the period. 92.97% of the stock is owned by hedge funds and other institutional investors.
About Rhythm Pharmaceuticals
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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