Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $75.38 Consensus Price Target from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been given an average recommendation of “Buy” by the thirteen research firms that are presently covering the stock, MarketBeat.com reports. Thirteen equities research analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $75.38.

A number of analysts have weighed in on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Wells Fargo & Company lifted their target price on Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Needham & Company LLC lifted their price objective on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Bank of America raised Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Monday, April 7th. Finally, Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, April 8th.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $63.87 on Friday. The stock has a market cap of $4.06 billion, a PE ratio of -14.75 and a beta of 2.36. The business’s fifty day moving average is $58.20 and its 200-day moving average is $57.57. Rhythm Pharmaceuticals has a 1 year low of $35.17 and a 1 year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). The business had revenue of $37.72 million for the quarter, compared to analysts’ expectations of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.35) EPS. Equities research analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 7,031 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $65.09, for a total value of $457,647.79. Following the transaction, the insider now owns 19,209 shares of the company’s stock, valued at approximately $1,250,313.81. This represents a 26.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Yann Mazabraud sold 6,745 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the transaction, the executive vice president now directly owns 37,655 shares in the company, valued at $2,450,587.40. The trade was a 15.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,630 shares of company stock valued at $7,107,346. 6.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RYTM. First Trust Advisors LP boosted its stake in shares of Rhythm Pharmaceuticals by 67.2% in the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company’s stock valued at $6,625,000 after buying an additional 47,575 shares during the period. Barclays PLC lifted its stake in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock valued at $5,574,000 after acquiring an additional 47,166 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $521,000. KBC Group NV lifted its stake in shares of Rhythm Pharmaceuticals by 78.2% in the 4th quarter. KBC Group NV now owns 2,251 shares of the company’s stock valued at $126,000 after acquiring an additional 988 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in Rhythm Pharmaceuticals in the fourth quarter valued at $37,000.

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.