Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $68.09 Average Target Price from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $68.09.

Several analysts have recently issued reports on RYTM shares. The Goldman Sachs Group boosted their price objective on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. JMP Securities reissued a “market outperform” rating and set a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective for the company. Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price on the stock. Finally, TD Cowen lifted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $65.00, for a total transaction of $304,720.00. Following the transaction, the insider now owns 13,500 shares of the company’s stock, valued at approximately $877,500. This trade represents a 25.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the transaction, the executive vice president now directly owns 972 shares in the company, valued at $64,472.76. The trade was a 98.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,830 shares of company stock valued at $5,622,000. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. ORG Wealth Partners LLC acquired a new stake in Rhythm Pharmaceuticals during the third quarter worth about $63,000. Quest Partners LLC raised its stake in Rhythm Pharmaceuticals by 513.3% during the second 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 period. Mirae Asset Global Investments Co. Ltd. raised its stake in Rhythm Pharmaceuticals by 21.5% during the third 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 period. Principal Financial Group Inc. raised its stake in Rhythm Pharmaceuticals by 32.8% during the second quarter. Principal Financial Group Inc. now owns 9,532 shares of the company’s stock worth $391,000 after acquiring an additional 2,352 shares during the period. Finally, Creative Planning acquired a new stake in Rhythm Pharmaceuticals during the third quarter worth about $450,000.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $53.66 on Monday. The stock has a market capitalization of $3.30 billion, a P/E ratio of -12.39 and a beta of 2.16. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The company has a 50 day moving average price of $58.44 and a two-hundred day moving average price of $52.01.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $32.52 million. During the same period in the previous year, the company earned ($0.76) EPS. The business’s quarterly revenue was up 47.6% compared to the same quarter last year. Research analysts forecast that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current fiscal year.

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.