Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Cut to $46.00 by Analysts at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target trimmed by Needham & Company LLC from $50.00 to $46.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group raised their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a buy rating in a research report on Thursday, January 25th. Wells Fargo & Company cut their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating for the company in a report on Thursday, April 18th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $46.40.

Rhythm Pharmaceuticals Stock Down 10.3 %

Shares of Rhythm Pharmaceuticals stock opened at $39.35 on Tuesday. Rhythm Pharmaceuticals has a 52 week low of $15.50 and a 52 week high of $52.57. The stock’s 50-day simple moving average is $40.79 and its 200-day simple moving average is $39.86. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -12.30 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.70). The business had revenue of $24.23 million during the quarter, compared to analyst estimates of $25.38 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The company’s revenue was up 175.7% on a year-over-year basis. During the same period last year, the firm posted ($0.75) EPS. On average, equities analysts expect that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 791 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $40,641.58. Following the completion of the transaction, the insider now owns 3,457 shares in the company, valued at approximately $177,620.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO David P. Meeker sold 45,494 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $1,784,274.68. Following the transaction, the chief executive officer now owns 174,605 shares of the company’s stock, valued at $6,848,008.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph Shulman sold 791 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $40,641.58. Following the sale, the insider now owns 3,457 shares of the company’s stock, valued at $177,620.66. The disclosure for this sale can be found here. Insiders have sold 172,069 shares of company stock valued at $7,626,355 over the last ninety days. 4.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC increased its holdings in shares of Rhythm Pharmaceuticals by 85.3% in the 3rd quarter. Barclays PLC now owns 241,261 shares of the company’s stock valued at $5,531,000 after acquiring an additional 111,033 shares during the period. Silverarc Capital Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 124.3% during the third quarter. Silverarc Capital Management LLC now owns 260,537 shares of the company’s stock valued at $5,973,000 after buying an additional 144,369 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at about $1,004,000. Charles Schwab Investment Management Inc. grew its position in shares of Rhythm Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after buying an additional 34,189 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in Rhythm Pharmaceuticals during the third quarter valued at approximately $460,000.

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.