A share of Rhythm Pharmaceuticals Inc. (NASDAQ:RYTM) closed at $29.61 per share on Monday, up from $29.36 day before. While Rhythm Pharmaceuticals Inc. has overperformed by 0.85%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, RYTM rose by 290.12%, with highs and lows ranging from $34.99 to $3.04, whereas the simple moving average jumped by 68.09% in the last 200 days.
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On January 18, 2023, Canaccord Genuity started tracking Rhythm Pharmaceuticals Inc. (NASDAQ: RYTM) recommending Buy. A report published by Goldman on August 08, 2022, Upgraded its rating to ‘Buy’ for RYTM. BofA Securities also Upgraded RYTM shares as ‘Neutral’, setting a target price of $20 on the company’s shares in a report dated August 05, 2022. Needham Reiterated the rating as Buy on June 17, 2022, but set its price target from $40 to $25. Stifel initiated its ‘Buy’ rating for RYTM, as published in its report on March 02, 2022. Ladenburg Thalmann’s report from February 17, 2022 suggests a price prediction of $15 for RYTM shares, giving the stock a ‘Buy’ rating. Wells Fargo also rated the stock as ‘Overweight’.
Analysis of Rhythm Pharmaceuticals Inc. (RYTM)
Further, the quarter-over-quarter increase in sales is 330.00%, showing a positive trend in the upcoming months.
Rhythm Pharmaceuticals Inc.’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. The goal here is to ensure that your current return on equity of -72.80% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 10.90, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and RYTM is registering an average volume of 627.40K. On a monthly basis, the volatility of the stock is set at 7.68%, whereas on a weekly basis, it is put at 5.92%, with a loss of -5.25% over the past seven days. Furthermore, long-term investors anticipate a median target price of $36.00, showing growth from the present price of $29.61, which can serve as yet another indication of whether RYTM is worth investing in or should be passed over.
How Do You Analyze Rhythm Pharmaceuticals Inc. Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.10%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in RYTM shares?
The recent increase in stakes in RYTM appears to be a result of several institutional investors and hedge funds increasing their positions. PRIMECAP Management Co.’s position in RYTM has increased by 10.41% in the first quarter. The company now owns 7,026,892 shares of the stock, with a value of $204.62 million, following the purchase of 662,798 additional shares during the last quarter. Federated Global Investment Manag made another increased to its shares in RYTM during the first quarter, upping its stake by 43.48%. During the last quarter, the company picked up 1,911,266 additional shares for a total stake of worth $183.66 million, bringing number of shares owned by the company to 6,306,866.
During the first quarter, Baker Bros. Advisors LP added a 1,937,640 position in RYTM. RA Capital Management LP purchased an additional 0.6 million shares in the last quarter, increasing its holdings by 12.32%, now holding 5.47 million shares worth $159.32 million. At the end of the first quarter, Goldman Sachs & Co. LLC increased its RYTM holdings by 53.25% and now holds 4.77 million RYTM shares valued at $138.82 million with the added 1.66 million shares during the period.