Rhythm Pharmaceuticals’ (RYTM) Buy Rating Reaffirmed at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $55.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 15.23% from the stock’s current price.

Other analysts have also recently issued reports about the stock. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Bank of America lifted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $60.33.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock opened at $47.73 on Wednesday. The business has a 50-day moving average price of $49.56 and a 200 day moving average price of $44.94. Rhythm Pharmaceuticals has a fifty-two week low of $22.41 and a fifty-two week high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same period in the previous year, the business earned ($0.82) EPS. The business’s quarterly revenue was up 51.3% on a year-over-year basis. On average, equities analysts forecast that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares in the company, valued at $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $150,030. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,857 shares of company stock valued at $5,325,446. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its holdings in Rhythm Pharmaceuticals by 241.9% during the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock worth $1,707,000 after buying an additional 23,054 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 19.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company’s stock valued at $2,167,000 after acquiring an additional 6,741 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Rhythm Pharmaceuticals by 64.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 11,758 shares of the company’s stock worth $616,000 after acquiring an additional 4,595 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its position in shares of Rhythm Pharmaceuticals by 4.8% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 100,961 shares of the company’s stock worth $5,289,000 after purchasing an additional 4,583 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.