Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $66.00 Price Target at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective hoisted by Needham & Company LLC from $64.00 to $66.00 in a report published on Tuesday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the company. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price target for the company. Oppenheimer assumed coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. HC Wainwright upped their price objective on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Finally, Stifel Nicolaus assumed coverage on Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price objective for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.46.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $52.29 on Tuesday. The stock has a 50-day simple moving average of $55.51 and a two-hundred day simple moving average of $54.81. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The firm has a market capitalization of $3.31 billion, a PE ratio of -12.08 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results 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). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. Equities 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 news, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. This trade represents a 23.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,787 shares of company stock worth $5,762,443 in the last quarter. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at approximately $4,259,000. GF Fund Management CO. LTD. bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $72,000. Voloridge Investment Management LLC lifted its stake in shares of Rhythm Pharmaceuticals by 7.7% during the 4th quarter. Voloridge Investment Management LLC now owns 380,537 shares of the company’s stock worth $21,302,000 after acquiring an additional 27,214 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Rhythm Pharmaceuticals by 2.3% during the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after acquiring an additional 300 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth approximately $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.