Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $66.00 Price Target at The Goldman Sachs Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price upped by investment analysts at The Goldman Sachs Group from $59.00 to $66.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 13.11% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC raised their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. Bank of America raised their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. HC Wainwright restated a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday. Finally, Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.70.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ:RYTM traded down $2.02 on Thursday, hitting $58.35. The company’s stock had a trading volume of 105,243 shares, compared to its average volume of 546,621. The company has a 50-day simple moving average of $54.78 and a 200 day simple moving average of $48.45. Rhythm Pharmaceuticals has a 1 year low of $35.17 and a 1 year high of $68.58. The company has a market capitalization of $3.59 billion, a PE ratio of -13.48 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The company’s revenue was up 47.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.76) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 4,099 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.03, for a total transaction of $205,072.97. Following the sale, the insider now directly owns 13,500 shares in the company, valued at $675,405. The trade was a 23.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joseph Shulman sold 13,281 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Insiders have sold 138,181 shares of company stock worth $8,359,750 over the last ninety days. 5.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its stake in Rhythm Pharmaceuticals by 348.9% during the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after buying an additional 26,214 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after purchasing an additional 23,054 shares during the last quarter. Frazier Life Sciences Management L.P. raised its stake 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 worth $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Creative Planning purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter worth $450,000. Finally, Intech Investment Management LLC purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter worth $649,000.

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.