Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $81.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target raised by analysts at Canaccord Genuity Group from $80.00 to $81.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 52.77% from the company’s current price.

A number of other research firms also recently commented on RYTM. Needham & Company LLC restated a “buy” rating and issued a $64.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday. JMP Securities reiterated a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. TD Cowen boosted their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Jefferies Financial Group started coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Finally, The Goldman Sachs Group lifted their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.18.

Rhythm Pharmaceuticals Stock Down 0.6 %

NASDAQ:RYTM traded down $0.30 during trading hours on Thursday, reaching $53.02. 290,643 shares of the company’s stock were exchanged, compared to its average volume of 488,770. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of -12.25 and a beta of 2.14. The company has a 50-day moving average of $56.98 and a 200 day moving average of $54.21. Rhythm Pharmaceuticals has a 1-year low of $35.17 and a 1-year high of $68.58.

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

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $76,129.83. Following the sale, the insider now directly owns 2,657 shares of the company’s stock, valued at approximately $157,905.51. The trade was a 32.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jennifer Kayden Lee sold 1,447 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $85,995.21. Following the sale, the executive vice president now owns 4,038 shares in the company, valued at $239,978.34. This represents a 26.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,787 shares of company stock worth $1,901,443. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently made changes to their positions in RYTM. SRS Capital Advisors Inc. grew its holdings in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. bought a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. purchased a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $37,000. R Squared Ltd bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth approximately $44,000. Finally, State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $61,000.

About Rhythm Pharmaceuticals

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.