Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $80.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price upped by Canaccord Genuity Group from $77.00 to $80.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on RYTM. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price target for the company. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. Bank of America raised their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. HC Wainwright reaffirmed a “buy” rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, October 25th. Finally, Needham & Company LLC raised their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Trading Up 5.4 %

Shares of Rhythm Pharmaceuticals stock traded up $3.43 during mid-day trading on Wednesday, reaching $67.33. 1,113,014 shares of the stock were exchanged, compared to its average volume of 543,984. Rhythm Pharmaceuticals has a fifty-two week low of $26.55 and a fifty-two week high of $67.61. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -15.55 and a beta of 2.09. The firm has a 50-day simple moving average of $51.01 and a 200 day simple moving average of $45.79.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 286.94%. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.76) earnings per share. On average, research analysts predict that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 17,501 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at $148,950. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Lynn A. Tetrault sold 17,501 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at $148,950. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pamela J. Cramer sold 4,688 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $877,500. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,539 shares of company stock worth $3,417,545. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Large investors have recently made changes to their positions in the stock. Capstone Investment Advisors LLC acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth about $292,000. Swiss National Bank grew its holdings in Rhythm Pharmaceuticals by 4.0% in the 1st quarter. Swiss National Bank now owns 93,300 shares of the company’s stock valued at $4,043,000 after buying an additional 3,600 shares in the last quarter. Sei Investments Co. increased its position in Rhythm Pharmaceuticals by 85.8% during the 1st quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock worth $497,000 after buying an additional 5,296 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 12.4% during the first quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock worth $598,000 after buying an additional 1,527 shares in the last quarter. Finally, Vanguard Group Inc. boosted 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 acquiring an additional 77,208 shares during the period.

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.