Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock Has Consensus Target Price of $140.67 According to Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has received a consensus rating of “Moderate Buy” from the twenty-one analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and seventeen have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $140.67.

A number of equities research analysts recently weighed in on RYTM shares. National Bank Financial set a $160.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Canaccord Genuity Group set a $154.00 target price on Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Citigroup reissued a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Finally, Leerink Partners initiated coverage on Rhythm Pharmaceuticals in a research report on Monday, September 14th. They issued an “outperform” rating and a $133.00 target price for the company.

Rhythm Pharmaceuticals Stock Down 1.8%

NASDAQ:RYTM opened at $90.77 on Wednesday. The business’s 50-day moving average price is $104.81 and its two-hundred day moving average price is $97.73. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20. The stock has a market cap of $6.22 billion, a P/E ratio of -29.19 and a beta of 2.01.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The firm had revenue of $71.25 million during the quarter, compared to the consensus estimate of $67.66 million. During the same quarter last year, the company posted ($0.75) EPS. The company’s revenue for the quarter was up 46.9% on a year-over-year basis. On average, equities research analysts expect that Rhythm Pharmaceuticals will post -2.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Alastair Garfield sold 7,763 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $117.57, for a total transaction of $912,695.91. Following the transaction, the insider directly owned 2,295 shares of the company’s stock, valued at approximately $269,823.15. This trade represents a 77.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Joseph Shulman sold 5,079 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $119.75, for a total value of $608,210.25. Following the completion of the sale, the insider directly owned 15,915 shares of the company’s stock, valued at approximately $1,905,821.25. This trade represents a 24.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 258,450 shares of company stock valued at $28,796,497 over the last three months. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Cim Investment Management Inc. grew its stake in shares of Rhythm Pharmaceuticals by 7.2% in the second quarter. Cim Investment Management Inc. now owns 3,209 shares of the company’s stock worth $356,000 after purchasing an additional 216 shares during the last quarter. Squarepoint Ops LLC raised its position in Rhythm Pharmaceuticals by 60.8% during the 2nd quarter. Squarepoint Ops LLC now owns 422,921 shares of the company’s stock valued at $46,957,000 after purchasing an additional 159,953 shares during the last quarter. Nykredit A S bought a new position in Rhythm Pharmaceuticals during the 2nd quarter valued at approximately $280,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Rhythm Pharmaceuticals during the 2nd quarter valued at approximately $411,000. Finally, Braidwell LP lifted its holdings in Rhythm Pharmaceuticals by 22.7% in the 2nd quarter. Braidwell LP now owns 381,128 shares of the company’s stock worth $42,317,000 after buying an additional 70,500 shares during the period.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare genetic diseases of obesity and other disorders involving the melanocortin-4 receptor (MC4R) pathway. The company’s research is centered on conditions in which genetic defects disrupt the body’s regulation of appetite, hunger and energy expenditure.

Rhythm’s lead product is IMCIVREE (setmelanotide), an MC4R agonist designed to restore signaling in the brain’s melanocortin pathway.