Citigroup Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

Equities research analysts at Citigroup assumed coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $136.00 price target on the stock. Citigroup’s price target suggests a potential upside of 26.61% from the company’s previous close.

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

Rhythm Pharmaceuticals Trading Down 1.2%

NASDAQ:RYTM opened at $107.42 on Tuesday. The stock has a 50 day moving average of $103.42 and a two-hundred day moving average of $88.39. Rhythm Pharmaceuticals has a 12 month low of $45.90 and a 12 month high of $116.00. The firm has a market cap of $7.17 billion, a P/E ratio of -35.69 and a beta of 2.12.

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

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 14,437 shares of Rhythm Pharmaceuticals 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 sale, the insider directly owned 8,509 shares in the company, valued at $953,263.27. This trade represents a 62.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 27,000 shares of company stock worth $3,064,490 over the last ninety days. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 1.0% in the 1st quarter. Victory Capital Management Inc. now owns 17,326 shares of the company’s stock valued at $918,000 after buying an additional 174 shares during the period. TD Asset Management Inc lifted its position in shares of Rhythm Pharmaceuticals by 5.0% during the first quarter. TD Asset Management Inc now owns 50,200 shares of the company’s stock worth $2,659,000 after purchasing an additional 2,400 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Rhythm Pharmaceuticals by 293.8% in the first quarter. XTX Topco Ltd now owns 29,949 shares of the company’s stock valued at $1,586,000 after purchasing an additional 22,344 shares during the period. Bayforest Capital Ltd purchased a new position in Rhythm Pharmaceuticals in the 1st quarter valued at approximately $166,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the first quarter worth $906,000.

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.