Rhythm Pharmaceuticals (NASDAQ:RYTM) Upgraded to Neutral by Bank of America

Bank of America upgraded shares of Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) from an underperform rating to a neutral rating in a research note issued to investors on Friday, The Fly reports. Bank of America currently has $20.00 target price on the stock, up from their prior target price of $8.00.

A number of other equities analysts have also issued reports on the company. Wells Fargo & Company increased their price target on Rhythm Pharmaceuticals from $22.00 to $35.00 in a research note on Tuesday. Morgan Stanley increased their price target on Rhythm Pharmaceuticals from $8.00 to $16.00 and gave the company an equal weight rating in a research note on Wednesday. Needham & Company LLC reduced their price objective on Rhythm Pharmaceuticals from $40.00 to $25.00 and set a buy rating for the company in a research note on Friday, June 17th. LADENBURG THALM/SH SH raised their price objective on Rhythm Pharmaceuticals from $15.00 to $23.00 in a research note on Wednesday, July 13th. Finally, The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $4.00 to $6.00 and gave the stock a neutral rating in a research note on Tuesday, July 12th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $26.00.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $20.24 on Friday. Rhythm Pharmaceuticals has a 12 month low of $3.04 and a 12 month high of $20.68. The stock’s 50 day moving average price is $7.33 and its 200 day moving average price is $7.57.

Rhythm Pharmaceuticals (NASDAQ:RYTMGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.07). The firm had revenue of $1.50 million for the quarter, compared to the consensus estimate of $2.45 million. Rhythm Pharmaceuticals had a negative net margin of 1,310.60% and a negative return on equity of 67.73%. During the same period in the previous year, the business posted $0.90 earnings per share. On average, equities analysts expect that Rhythm Pharmaceuticals will post -3.86 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 7,547 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $4.08, for a total value of $30,791.76. Following the completion of the sale, the chief financial officer now owns 57,614 shares of the company’s stock, valued at $235,065.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.80% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth $47,000. Arizona State Retirement System bought a new position in Rhythm Pharmaceuticals during the second quarter valued at about $42,000. Bailard Inc. bought a new position in Rhythm Pharmaceuticals during the second quarter valued at about $122,000. Amalgamated Bank bought a new position in Rhythm Pharmaceuticals during the first quarter valued at about $61,000. Finally, Rice Hall James & Associates LLC raised its holdings in Rhythm Pharmaceuticals by 7.0% during the first quarter. Rice Hall James & Associates LLC now owns 136,521 shares of the company’s stock valued at $1,573,000 after buying an additional 8,975 shares in the last quarter.

About Rhythm Pharmaceuticals

(Get Rating)

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.

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