Shares of Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) have been assigned an average rating of “Buy” from the eight ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $37.00.
RYTM has been the topic of a number of recent analyst reports. ValuEngine upgraded Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday. BidaskClub upgraded Rhythm Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday. Needham & Company LLC set a $42.00 target price on Rhythm Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, August 9th. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a research report on Friday, September 14th. They issued a “hold” rating and a $36.00 target price on the stock. Finally, Zacks Investment Research cut Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th.
RYTM stock opened at $28.11 on Tuesday. The stock has a market capitalization of $970.23 million and a P/E ratio of -9.93. Rhythm Pharmaceuticals has a 52 week low of $16.80 and a 52 week high of $37.23.
In other Rhythm Pharmaceuticals news, insider Der Ploeg Leonardus H.T. Van sold 31,800 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $29.80, for a total value of $947,640.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.93% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in shares of Rhythm Pharmaceuticals by 110.5% during the second quarter. Bank of America Corp DE now owns 6,251 shares of the company’s stock worth $195,000 after purchasing an additional 3,282 shares during the last quarter. Alps Advisors Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 9.2% during the second quarter. Alps Advisors Inc. now owns 39,952 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,359 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Rhythm Pharmaceuticals by 642.8% during the second quarter. Cubist Systematic Strategies LLC now owns 8,735 shares of the company’s stock worth $273,000 after purchasing an additional 7,559 shares during the last quarter. Highland Capital Management LP bought a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth about $313,000. Finally, Rhumbline Advisers bought a new stake in shares of Rhythm Pharmaceuticals during the second quarter worth about $357,000. Hedge funds and other institutional investors own 90.01% 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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