Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $138.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target lifted by The Goldman Sachs Group from $105.00 to $138.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also issued reports on RYTM. Morgan Stanley reiterated an “overweight” rating and issued a $109.00 target price (up from $100.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, August 5th. Leerink Partners started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an “outperform” rating and a $88.00 price target for the company. Canaccord Genuity Group upped their price target on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Oppenheimer upped their price target on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an “outperform” rating in a research report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $105.93.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $99.16 on Wednesday. Rhythm Pharmaceuticals has a 52-week low of $45.90 and a 52-week high of $106.52. The firm has a fifty day moving average of $95.98 and a 200 day moving average of $74.13. The firm has a market capitalization of $6.59 billion, a PE ratio of -32.94 and a beta of 2.23.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The company had revenue of $48.50 million during the quarter, compared to analysts’ expectations of $43.72 million. During the same quarter last year, the firm posted ($0.55) earnings per share. The firm’s revenue was up 66.8% on a year-over-year basis. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Joseph Shulman sold 7,969 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $77.78, for a total transaction of $619,828.82. Following the completion of the transaction, the insider directly owned 8,509 shares of the company’s stock, valued at approximately $661,830.02. This represents a 48.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 3,817 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total transaction of $308,222.75. Following the transaction, the chief accounting officer directly owned 922 shares of the company’s stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 110,077 shares of company stock valued at $9,360,077. 6.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of RYTM. Westfield Capital Management Co. LP bought a new position in shares of Rhythm Pharmaceuticals during the first quarter valued at about $71,038,000. JPMorgan Chase & Co. raised its stake in Rhythm Pharmaceuticals by 445.5% in the second quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock worth $49,513,000 after buying an additional 639,919 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Rhythm Pharmaceuticals by 75.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock worth $63,515,000 after buying an additional 513,901 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Rhythm Pharmaceuticals in the second quarter worth about $21,548,000. Finally, Siren L.L.C. bought a new position in Rhythm Pharmaceuticals in the first quarter worth about $14,701,000.

Rhythm Pharmaceuticals Company Profile

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.