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

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

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

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $67.33 on Wednesday. The business’s 50-day simple moving average is $51.01 and its 200 day simple moving average is $45.83. The company has a market cap of $4.14 billion, a P/E ratio of -15.55 and a beta of 2.09. Rhythm Pharmaceuticals has a one year low of $26.55 and a one year high of $67.61.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 286.94%. The business’s quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.76) earnings per share. Analysts predict that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 3,200 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the completion of the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $675,135. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total value of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,539 shares of company stock valued at $3,417,545. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently modified their holdings of the company. Capstone Investment Advisors LLC acquired a new position in Rhythm Pharmaceuticals during the 1st quarter valued at about $292,000. Swiss National Bank boosted its position in shares of Rhythm Pharmaceuticals by 4.0% during the first quarter. Swiss National Bank now owns 93,300 shares of the company’s stock worth $4,043,000 after buying an additional 3,600 shares during the period. Sei Investments Co. grew its holdings in Rhythm Pharmaceuticals by 85.8% in 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 in the last quarter. ProShare Advisors LLC increased its position in Rhythm Pharmaceuticals by 12.4% in the 1st quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock valued at $598,000 after acquiring an additional 1,527 shares during the period. Finally, Vanguard Group Inc. raised its stake in Rhythm Pharmaceuticals by 2.4% during the 1st 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 in the last quarter.

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.