Bank of America Raises Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $52.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target raised by Bank of America from $48.00 to $52.00 in a research note released on Monday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other analysts have also issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.13.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $52.32 on Monday. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -11.30 and a beta of 2.07. The stock’s 50-day moving average is $48.61 and its 200-day moving average is $44.30. Rhythm Pharmaceuticals has a one year low of $21.34 and a one year high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.82) earnings per share. On average, equities analysts expect that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now owns 13,500 shares in the company, valued at $609,525. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Pamela J. Cramer sold 49,006 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares of the company’s stock, valued at approximately $609,525. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pamela J. Cramer sold 1,395 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $49.06, for a total value of $68,438.70. Following the completion of the transaction, the insider now directly owns 31,735 shares in the company, valued at $1,556,919.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,252 shares of company stock worth $5,393,885 over the last 90 days. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Perceptive Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 5.4% in the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after purchasing an additional 178,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after purchasing an additional 77,208 shares during the last quarter. Frazier Life Sciences Management L.P. grew its position in shares of Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after purchasing an additional 326,865 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company’s stock worth $39,715,000 after buying an additional 236,600 shares in 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.