Shares of Rhythm Pharmaceuticals Inc. (NASDAQ: RYTM) surged as much as 14.7% in early trading on Monday after the biopharmaceutical company reported better-than-expected financial results for the third quarter ended January 1.

Rhythm posted a quarterly revenue of $33.25 million, up 47.8% from the prior year period and beating analysts' consensus estimate of $32.52 million. The company's adjusted loss per share of $0.73 also came in narrower than the expected loss of $0.80 per share.

The strong Q3 performance added to a year of solid gains for Rhythm Pharma, with its shares already up 15.3% year-to-date heading into this earnings release. Analysts have remained bullish on the stock, with 10 out of 11 recommendations rating it as a "Buy" and the average price target standing at $64, according to data compiled by Refinitiv.