Analysts Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Price Target at $64.67

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned a consensus rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $65.80.

A number of brokerages recently weighed in on RYTM. HC Wainwright restated a “buy” rating and set a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 4th. Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Canaccord Genuity Group restated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, TD Cowen lifted their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

Rhythm Pharmaceuticals Trading Up 1.2 %

RYTM stock opened at $56.12 on Thursday. The firm has a 50-day moving average price of $56.39 and a 200-day moving average price of $50.06. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58. The stock has a market capitalization of $3.45 billion, a P/E ratio of -12.96 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company’s quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.76) earnings per share. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joseph Shulman sold 13,281 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $66.33, for a total value of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares in the company, valued at approximately $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,830 shares of company stock worth $5,622,000. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the company. CWM LLC raised its holdings in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after buying an additional 253 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Rhythm Pharmaceuticals in the 3rd quarter valued at about $63,000. Quest Partners LLC boosted its stake in Rhythm Pharmaceuticals by 513.3% during the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rhythm Pharmaceuticals by 21.5% during 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 during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Rhythm Pharmaceuticals by 32.8% during the 2nd quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock worth $391,000 after purchasing an additional 2,352 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.