Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $65.00 at TD Cowen

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target upped by TD Cowen from $55.00 to $65.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently issued reports on RYTM. Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company. JMP Securities assumed coverage on Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Canaccord Genuity Group upped their price objective on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC lifted their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $61.80.

Rhythm Pharmaceuticals Stock Up 11.4 %

Shares of Rhythm Pharmaceuticals stock opened at $62.65 on Wednesday. The company has a market cap of $3.83 billion, a P/E ratio of -14.37 and a beta of 2.09. The firm’s 50 day moving average price is $50.25 and its 200-day moving average price is $45.46. Rhythm Pharmaceuticals has a 52-week low of $23.83 and a 52-week high of $64.73.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted 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. The firm had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company’s revenue for the quarter was up 47.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.76) earnings per share. As a group, equities research analysts forecast that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 4,300 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at $150,030. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jennifer L. Good sold 31,751 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the completion of the transaction, the director now directly owns 3,000 shares in the company, valued at approximately $157,200. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Tetrault sold 4,300 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the sale, the director now owns 3,000 shares in the company, valued at $150,030. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,857 shares of company stock worth $5,325,446 in the last quarter. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RYTM. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock valued at $31,659,000 after purchasing an additional 578,800 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Rhythm Pharmaceuticals by 116.1% during the first quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after acquiring an additional 310,000 shares during the last quarter. Candriam S.C.A. acquired a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth about $11,143,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Rhythm Pharmaceuticals by 157.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock worth $15,371,000 after acquiring an additional 229,056 shares during the period.

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.