Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $91.00 at Wells Fargo & Company

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by stock analysts at Wells Fargo & Company from $80.00 to $91.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 65.57% from the stock’s current price.

A number of other research firms also recently issued reports on RYTM. Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. HC Wainwright reissued a “buy” rating and issued a $70.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, March 24th. Needham & Company LLC raised their price target on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Canaccord Genuity Group increased their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, JMP Securities reissued a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $73.31.

Rhythm Pharmaceuticals Stock Performance

RYTM traded up $8.01 on Monday, reaching $54.96. The company had a trading volume of 3,896,096 shares, compared to its average volume of 525,621. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The company has a market cap of $3.47 billion, a price-to-earnings ratio of -12.69 and a beta of 2.32. The business has a 50 day simple moving average of $54.57 and a 200 day simple moving average of $55.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The firm had revenue of $41.83 million during the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. As a group, equities research 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, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares of the company’s stock, valued at $2,078,247.60. This trade represents a 65.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Hunter C. Smith sold 1,678 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $99,723.54. Following the completion of the sale, the chief financial officer now directly owns 101,186 shares of the company’s stock, valued at approximately $6,013,483.98. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,131 shares of company stock valued at $5,781,098. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of RYTM. FMR LLC increased its stake in shares of Rhythm Pharmaceuticals by 79.7% in the third quarter. FMR LLC now owns 50,295 shares of the company’s stock worth $2,635,000 after acquiring an additional 22,306 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Rhythm Pharmaceuticals by 307.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company’s stock valued at $756,000 after buying an additional 10,882 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after buying an additional 23,054 shares during the period. Barclays PLC grew its holdings in Rhythm Pharmaceuticals by 79.6% during the third quarter. Barclays PLC now owns 106,397 shares of the company’s stock worth $5,574,000 after acquiring an additional 47,166 shares during the period. Finally, KBC Group NV lifted its holdings in Rhythm Pharmaceuticals by 78.2% in the fourth 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 period.

Rhythm Pharmaceuticals Company Profile

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.