Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns “Buy” Rating from Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $66.00 price objective on the stock. Needham & Company LLC’s price target points to a potential upside of 20.09% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective on the stock. Bank of America raised shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Monday. JMP Securities reiterated a “market outperform” rating and issued a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Morgan Stanley restated an “overweight” rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $74.92.

Rhythm Pharmaceuticals Stock Up 17.1 %

RYTM opened at $54.96 on Tuesday. The firm has a 50-day moving average price of $54.55 and a 200-day moving average price of $55.09. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The company has a market capitalization of $3.47 billion, a price-to-earnings ratio of -12.69 and a beta of 2.32.

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

Insider Activity at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. This trade represents a 23.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total transaction of $3,861,000.00. Following the completion of the sale, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at $2,078,247.60. This represents a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,131 shares of company stock valued at $5,781,098. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RYTM. Frazier Life Sciences Management L.P. boosted its stake in shares of Rhythm Pharmaceuticals by 1.9% during the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after purchasing an additional 45,648 shares during the period. Geode Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after buying an additional 3,499 shares during the period. Janus Henderson Group PLC raised its holdings in Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock valued at $68,309,000 after buying an additional 621,432 shares during the last quarter. Marshall Wace LLP boosted its position in Rhythm Pharmaceuticals by 70.4% during the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after buying an additional 286,188 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Rhythm Pharmaceuticals by 24.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 685,152 shares of the company’s stock worth $38,355,000 after acquiring an additional 134,622 shares during the last quarter.

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.