Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $81.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price upped by Canaccord Genuity Group from $80.00 to $81.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently issued reports on RYTM. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price on the stock. TD Cowen upped their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Thursday. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price for the company. Finally, The Goldman Sachs Group raised their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.18.

Rhythm Pharmaceuticals Trading Up 3.6 %

NASDAQ:RYTM opened at $54.91 on Thursday. The stock has a market capitalization of $3.37 billion, a PE ratio of -12.68 and a beta of 2.14. The firm’s 50 day moving average is $56.91 and its 200 day moving average is $54.28. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58.

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

Insider Buying and Selling

In related news, CAO Christopher Paul German sold 635 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now directly owns 2,070 shares in the company, valued at $118,445.40. The trade was a 23.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Shulman sold 1,281 shares of the company’s 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 transaction, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. The trade was a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,787 shares of company stock worth $1,901,443 in the last three months. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Frazier Life Sciences Management L.P. lifted its holdings in shares of Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after buying an additional 45,648 shares during the period. Geode Capital Management LLC raised its holdings in Rhythm Pharmaceuticals by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after purchasing an additional 3,499 shares during the period. Janus Henderson Group PLC increased its position in Rhythm Pharmaceuticals by 103.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after buying an additional 621,432 shares in the last quarter. Alkeon Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 16.8% during the 3rd quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock worth $61,176,000 after acquiring an additional 167,700 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Rhythm Pharmaceuticals by 14.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company’s stock valued at $58,208,000 after purchasing an additional 143,800 shares in the last quarter.

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.