Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $72.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target hoisted by Needham & Company LLC from $66.00 to $72.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Canaccord Genuity Group upped their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, April 8th. Bank of America raised Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a report on Monday, April 7th. Morgan Stanley restated an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Finally, Wells Fargo & Company lifted their target price on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $75.38.

Rhythm Pharmaceuticals Trading Down 5.5 %

RYTM opened at $57.37 on Wednesday. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58. The stock has a fifty day moving average price of $56.87 and a 200-day moving average price of $56.94. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of -13.25 and a beta of 2.36.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $37.72 million for the quarter, compared to analysts’ expectations of $40.43 million. During the same period in the previous year, the company posted ($2.35) earnings per share. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the transaction, the executive vice president now owns 40,370 shares of the company’s stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jennifer Kayden Lee sold 1,815 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $56.39, for a total value of $102,347.85. Following the sale, the executive vice president now directly owns 3,598 shares in the company, valued at approximately $202,891.22. This trade represents a 33.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,733 shares of company stock valued at $8,492,699. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several large investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. raised its position in shares of Rhythm Pharmaceuticals by 740.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after acquiring an additional 400 shares during the period. Raleigh Capital Management Inc. acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $37,000. R Squared Ltd acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $44,000. Finally, State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $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.