Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns “Buy” Rating from Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $64.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 10.84% from the stock’s current price.

Several other research analysts have also issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price target on the stock. Oppenheimer began coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. Finally, The Goldman Sachs Group increased their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.09.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $57.74 on Wednesday. The business’s 50 day simple moving average is $57.10 and its two-hundred day simple moving average is $53.89. The firm has a market cap of $3.55 billion, a P/E ratio of -13.33 and a beta of 2.14. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Jennifer Kayden Lee sold 2,035 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $116,442.70. Following the completion of the sale, the executive vice president now directly owns 5,858 shares of the company’s stock, valued at approximately $335,194.76. This trade represents a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Christopher Paul German sold 635 shares of the 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 transaction, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. 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 position in Rhythm Pharmaceuticals during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $37,000. R Squared Ltd bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $44,000. Finally, State of Wyoming bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $61,000.

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.