Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price lifted by stock analysts at Canaccord Genuity Group from $80.00 to $81.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 47.52% from the stock’s current price.

A number of other brokerages have also issued reports on RYTM. HC Wainwright reissued a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $64.00 price objective on shares of Rhythm Pharmaceuticals in a report on Thursday. The Goldman Sachs Group increased their price objective on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, TD Cowen increased their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.18.

Rhythm Pharmaceuticals Trading Up 3.6 %

NASDAQ:RYTM opened at $54.91 on Thursday. The firm has a market capitalization of $3.37 billion, a PE ratio of -12.68 and a beta of 2.14. The stock has a 50 day moving average of $56.93 and a 200-day moving average of $54.20. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 2,215 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $126,742.30. Following the completion of the sale, the chief financial officer now owns 109,929 shares in the company, valued at approximately $6,290,137.38. This represents a 1.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph Shulman sold 1,281 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the sale, the insider now owns 2,657 shares of the company’s stock, valued at $157,905.51. This trade represents a 32.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Castleark Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 1.3% during the 3rd quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after acquiring an additional 250 shares during the last quarter. Two Sigma Advisers LP lifted its position 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 valued at $733,000 after acquiring an additional 300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of 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 acquiring an additional 391 shares during the last quarter. SRS Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after acquiring an additional 400 shares during the last quarter. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at $28,000.

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.