Needham & Company LLC Boosts Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $55.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price increased by Needham & Company LLC from $46.00 to $55.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Wells Fargo & Company reduced their price target on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating on the stock in a research note on Thursday, April 18th. Finally, Bank of America downgraded shares of Rhythm Pharmaceuticals from a buy rating to a neutral rating and reduced their price target for the company from $49.00 to $42.00 in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of Moderate Buy and an average price target of $55.83.

Rhythm Pharmaceuticals Trading Down 1.1 %

Shares of Rhythm Pharmaceuticals stock opened at $49.05 on Thursday. Rhythm Pharmaceuticals has a 12-month low of $17.34 and a 12-month high of $53.92. The firm’s 50-day moving average price is $42.64 and its two-hundred day moving average price is $42.51.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). The firm had revenue of $26.00 million for the quarter, compared to analyst estimates of $26.90 million. Rhythm Pharmaceuticals had a negative return on equity of 179.26% and a negative net margin of 297.91%. The company’s quarterly revenue was up 126.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.92) earnings per share. Equities research analysts anticipate that Rhythm Pharmaceuticals will post -4.45 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 5,313 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $50.01, for a total value of $265,703.13. Following the completion of the transaction, the insider now owns 30 shares in the company, valued at approximately $1,500.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 19,765 shares of company stock worth $973,772 in the last quarter. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after buying an additional 77,208 shares during the last quarter. Perceptive Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 465.6% during the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after purchasing an additional 1,773,282 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after purchasing an additional 578,800 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Rhythm Pharmaceuticals by 116.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Rhythm Pharmaceuticals by 3.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 397,685 shares of the company’s stock worth $18,282,000 after purchasing an additional 12,937 shares during the last quarter.

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.