Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $46.00 Price Target at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective dropped by equities research analysts at Needham & Company LLC from $50.00 to $46.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 18.19% from the company’s previous close.

Several other research firms also recently weighed in on RYTM. Wells Fargo & Company dropped their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Thursday, April 18th. The Goldman Sachs Group boosted their target price on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $54.33.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $38.92 on Tuesday. Rhythm Pharmaceuticals has a one year low of $15.50 and a one year high of $52.57. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -12.16 and a beta of 1.94. The company’s fifty day moving average price is $40.68 and its 200-day moving average price is $39.85.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The business had revenue of $26.00 million during the quarter, compared to the consensus estimate of $26.90 million. During the same period last year, the company earned ($0.92) EPS. The business’s revenue was up 126.1% on a year-over-year basis. Equities research analysts expect that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, EVP Yann Mazabraud sold 1,594 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $81,899.72. Following the transaction, the executive vice president now owns 7,702 shares of the company’s stock, valued at $395,728.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $62,118.42. Following the sale, the chief financial officer now owns 80,413 shares of the company’s stock, valued at $4,131,619.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Yann Mazabraud sold 1,594 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $81,899.72. Following the sale, the executive vice president now directly owns 7,702 shares in the company, valued at approximately $395,728.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,069 shares of company stock valued at $7,626,355. 4.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC raised its stake in Rhythm Pharmaceuticals by 12.4% during the first quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock valued at $598,000 after purchasing an additional 1,527 shares in the last quarter. Sei Investments Co. raised its stake in Rhythm Pharmaceuticals by 85.8% during the first quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock valued at $497,000 after purchasing an additional 5,296 shares in the last quarter. Swiss National Bank raised its stake in Rhythm Pharmaceuticals by 4.0% during the first quarter. Swiss National Bank now owns 93,300 shares of the company’s stock valued at $4,043,000 after purchasing an additional 3,600 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Rhythm Pharmaceuticals during the first quarter valued at $292,000. Finally, Principal Financial Group Inc. raised its stake in Rhythm Pharmaceuticals by 20.6% during the first quarter. Principal Financial Group Inc. now owns 7,180 shares of the company’s stock valued at $311,000 after purchasing an additional 1,227 shares in the last quarter.

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.