Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $64.00 at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target raised by Needham & Company LLC from $55.00 to $64.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on the stock. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 price target on the stock. Bank of America lifted their price target on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.80.

Rhythm Pharmaceuticals Stock Up 11.4 %

NASDAQ:RYTM opened at $62.65 on Wednesday. Rhythm Pharmaceuticals has a twelve month low of $23.83 and a twelve month high of $64.73. The company has a market cap of $3.83 billion, a P/E ratio of -14.37 and a beta of 2.09. The business has a 50 day moving average price of $50.25 and a two-hundred day moving average price of $45.46.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the previous year, the business earned ($0.76) earnings per share. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% on a year-over-year basis. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were 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 in the company, valued at approximately $609,525. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 4,300 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares in the company, valued at approximately $150,030. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares in the company, valued at $609,525. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,857 shares of company stock valued at $5,325,446 in the last three months. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its stake in Rhythm Pharmaceuticals by 62.6% during the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Rhythm Pharmaceuticals during the second quarter valued at about $51,000. ORG Wealth Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals during the third quarter worth about $63,000. Quest Partners LLC raised its holdings in shares of Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised 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.

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.