Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $52.00 Price Target at Bank of America

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective upped by research analysts at Bank of America from $48.00 to $52.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target points to a potential upside of 3.42% from the company’s previous close.

Several other equities analysts have also recently weighed in on RYTM. JMP Securities began coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, October 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $59.13.

Rhythm Pharmaceuticals Trading Up 0.9 %

Shares of RYTM traded up $0.46 on Monday, reaching $50.28. The company’s stock had a trading volume of 104,594 shares, compared to its average volume of 541,037. Rhythm Pharmaceuticals has a twelve month low of $21.34 and a twelve month high of $55.64. The stock has a market capitalization of $3.07 billion, a PE ratio of -11.53 and a beta of 2.07. The firm has a fifty day moving average of $48.36 and a 200-day moving average of $44.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. During the same period in the prior year, the business posted ($0.82) earnings per share. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. As a group, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $609,525. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Rhythm Pharmaceuticals news, Director Jennifer L. Good sold 31,751 shares of the company’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 sale, the director now directly owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,720 shares of company stock worth $5,948,689. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after acquiring an additional 578,800 shares during the period. Driehaus Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after purchasing an additional 326,865 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Rhythm Pharmaceuticals by 116.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after purchasing an additional 310,000 shares during the period. Candriam S.C.A. bought a new position in Rhythm Pharmaceuticals in the 2nd quarter worth about $11,143,000. Finally, Nisa Investment Advisors LLC grew its holdings in Rhythm Pharmaceuticals by 157.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock valued at $15,371,000 after buying an additional 229,056 shares in the last quarter.

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.