Needham & Company LLC Reaffirms “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Needham & Company LLC reiterated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $64.00 price target on the stock.

Other equities analysts also recently issued reports about the company. 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. Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price on the stock. The Goldman Sachs Group boosted their target price on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $80.00 target price on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.18.

Rhythm Pharmaceuticals Trading Down 0.6 %

Shares of NASDAQ RYTM opened at $53.00 on Thursday. The stock has a 50 day simple moving average of $56.98 and a 200-day simple moving average of $54.21. The company has a market cap of $3.26 billion, a PE ratio of -12.24 and a beta of 2.14. Rhythm Pharmaceuticals has a 12-month low of $35.17 and a 12-month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The business 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%. Sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 2,215 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $126,742.30. Following the transaction, the chief financial officer now owns 109,929 shares of the company’s stock, valued at approximately $6,290,137.38. This represents a 1.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now directly owns 2,070 shares in the company, valued at $118,445.40. This represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,787 shares of company stock valued at $1,901,443. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. raised its stake in Rhythm Pharmaceuticals by 740.7% during the 4th 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. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at $37,000. R Squared Ltd acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at $44,000. Finally, State of Wyoming acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at $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.