Rhythm Pharmaceuticals (NASDAQ:RYTM) PT Raised to $55.00 at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective raised by analysts at Needham & Company LLC from $46.00 to $55.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 12.13% from the stock’s current price.

Several other research analysts have also recently weighed in on RYTM. Bank of America cut Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $49.00 to $42.00 in a research report on Wednesday, May 8th. Canaccord Genuity Group dropped their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company dropped their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.83.

Rhythm Pharmaceuticals Stock Down 1.1 %

Shares of NASDAQ:RYTM opened at $49.05 on Thursday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -10.77 and a beta of 2.04. Rhythm Pharmaceuticals has a 12-month low of $17.34 and a 12-month high of $53.92. The business’s 50 day moving average is $42.42 and its 200 day moving average is $42.48.

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

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 10,468 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the sale, the insider now directly owns 30 shares in the company, valued at approximately $1,590. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 19,765 shares of company stock worth $973,772. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RYTM. CWM LLC increased its stake in Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after acquiring an additional 253 shares during the last quarter. AJOVista LLC bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $42,000. ORG Partners LLC bought a new position in Rhythm Pharmaceuticals in the 2nd quarter worth about $51,000. Nisa Investment Advisors LLC increased its stake in Rhythm Pharmaceuticals by 91.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock worth $58,000 after acquiring an additional 600 shares during the last quarter. Finally, Quarry LP bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $69,000.

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.