Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective raised by investment analysts at Canaccord Genuity Group from $80.00 to $81.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 52.77% from the company’s current price.

Other equities analysts also recently issued reports about the stock. TD Cowen upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Needham & Company LLC reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Thursday. Finally, Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $68.18.

Rhythm Pharmaceuticals Stock Down 0.6 %

NASDAQ RYTM traded down $0.30 during trading hours on Thursday, hitting $53.02. 290,643 shares of the company were exchanged, compared to its average volume of 488,770. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58. The stock has a 50-day moving average price of $56.98 and a 200 day moving average price of $54.21. The stock has a market cap of $3.26 billion, a PE ratio of -12.25 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Activity

In other news, insider Joseph Shulman sold 1,281 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the sale, the insider now owns 2,657 shares in the company, valued at approximately $157,905.51. This represents a 32.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David P. Meeker sold 9,896 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $566,249.12. Following the completion of the sale, the chief executive officer now owns 201,281 shares of the company’s stock, valued at approximately $11,517,298.82. This trade represents a 4.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,787 shares of company stock worth $1,901,443. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. SRS Capital Advisors Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after buying an additional 400 shares during the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $37,000. R Squared Ltd purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $44,000. Finally, State of Wyoming acquired a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $61,000.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare 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.