Rhythm Pharmaceuticals (NASDAQ:RYTM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $35.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 15.59% from the stock’s current price.
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 brokerages have also weighed in on RYTM. BidaskClub raised Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Monday, January 29th. Needham & Company LLC reissued a “buy” rating and issued a $32.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, February 26th. Finally, ValuEngine raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Rhythm Pharmaceuticals presently has an average rating of “Buy” and an average target price of $32.00.
Shares of RYTM opened at $30.28 on Wednesday. Rhythm Pharmaceuticals has a fifty-two week low of $16.80 and a fifty-two week high of $33.81. The stock has a market capitalization of $821.50 million and a P/E ratio of -10.70.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Monday, May 14th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.15). analysts forecast that Rhythm Pharmaceuticals will post -1.84 earnings per share for the current year.
In related news, major shareholder Orbimed Advisors Llc sold 131,636 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $30.88, for a total value of $4,064,919.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Hedge funds and other institutional investors have recently modified their holdings of the business. Citadel Advisors LLC bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $5,866,000. Opaleye Management Inc. bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $1,113,000. Perceptive Advisors LLC bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $21,654,000. ArrowMark Colorado Holdings LLC bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $13,487,000. Finally, Artal Group S.A. bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $1,453,000. Institutional investors and hedge funds own 88.24% of the company’s stock.
Rhythm Pharmaceuticals Company Profile
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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