Rhythm Pharmaceuticals (NASDAQ:RYTM) Given “Buy” Rating at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $64.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 11.21% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. TD Cowen lifted 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. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Finally, HC Wainwright reissued a “buy” rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $68.09.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $57.55 on Wednesday. The company has a market capitalization of $3.54 billion, a P/E ratio of -13.29 and a beta of 2.14. The business has a fifty day simple moving average of $57.05 and a two-hundred day simple moving average of $53.74. Rhythm Pharmaceuticals has a 1 year low of $35.17 and a 1 year high of $68.58.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 794 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $45,662.94. Following the completion of the sale, the insider now directly owns 6 shares in the company, valued at $345.06. The trade was a 99.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jennifer Kayden Lee sold 1,815 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $56.39, for a total transaction of $102,347.85. Following the completion of the transaction, the executive vice president now directly owns 3,598 shares in the company, valued at $202,891.22. The trade was a 33.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,778 shares of company stock valued at $985,408. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RYTM. Castleark Management LLC raised its position in Rhythm Pharmaceuticals by 1.3% during the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock valued at $1,009,000 after purchasing an additional 250 shares in the last quarter. Two Sigma Advisers LP grew its holdings 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 purchasing an additional 300 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after purchasing an additional 391 shares during the period. SRS Capital Advisors Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 740.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after buying an additional 400 shares during the period. Finally, Raleigh Capital Management Inc. purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at about $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.