Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $66.00 at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by Needham & Company LLC from $64.00 to $66.00 in a research report report published on Tuesday morning, Marketbeat.com reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently issued reports on RYTM. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. The Goldman Sachs Group upped their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price on the stock. Finally, Morgan Stanley reissued an “overweight” rating and set a $72.00 target price on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $69.46.

Rhythm Pharmaceuticals Trading Down 1.8 %

Shares of RYTM stock opened at $54.23 on Tuesday. The company has a market capitalization of $3.43 billion, a PE ratio of -12.52 and a beta of 2.30. The firm has a fifty day simple moving average of $55.38 and a 200-day simple moving average of $54.80. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities research analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 1,678 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $99,723.54. Following the completion of the transaction, the chief financial officer now owns 101,186 shares in the company, valued at $6,013,483.98. This represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Yann Mazabraud sold 75,000 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $51.48, for a total transaction 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. This represents a 65.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,787 shares of company stock worth $5,762,443. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RYTM. Principal Financial Group Inc. grew its position in Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after buying an additional 23,054 shares in the last quarter. Victory Capital Management Inc. grew its position in Rhythm Pharmaceuticals by 158.0% in the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock valued at $953,000 after buying an additional 11,137 shares in the last quarter. Quest Partners LLC grew its position in Rhythm Pharmaceuticals by 451.6% in the 3rd quarter. Quest Partners LLC now owns 9,167 shares of the company’s stock valued at $480,000 after buying an additional 7,505 shares in the last quarter. Intech Investment Management LLC bought a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at about $649,000. Finally, Charles Schwab Investment Management Inc. grew its position in Rhythm Pharmaceuticals by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 433,866 shares of the company’s stock valued at $22,730,000 after buying an additional 5,908 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.