Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $65.00 Price Target at TD Cowen

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price boosted by equities researchers at TD Cowen from $55.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price would suggest a potential upside of 2.72% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Canaccord Genuity Group increased their price target on shares of Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price for the company. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. Needham & Company LLC raised their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $61.80.

Rhythm Pharmaceuticals Price Performance

RYTM stock traded up $7.03 during trading hours on Wednesday, reaching $63.28. The stock had a trading volume of 1,493,559 shares, compared to its average volume of 532,946. The stock has a market capitalization of $3.87 billion, a PE ratio of -14.45 and a beta of 2.09. The stock has a 50-day simple moving average of $49.92 and a 200 day simple moving average of $45.34. Rhythm Pharmaceuticals has a fifty-two week low of $23.83 and a fifty-two week high of $64.52.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The firm had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.76) earnings per share. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer L. Good sold 31,751 shares of the firm’s 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 transaction, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $675,405. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the firm’s 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 completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 109,857 shares of company stock valued at $5,325,446. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently bought and sold shares of the company. CWM LLC increased its holdings in Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after buying an additional 253 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $114,000 after purchasing an additional 391 shares in the last quarter. American International Group Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 3.1% in the 1st quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after purchasing an additional 781 shares in the last quarter. ORG Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $51,000. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at approximately $63,000.

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.