Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $145.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective hoisted by Needham & Company LLC from $120.00 to $145.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group cut their target price on shares of Rhythm Pharmaceuticals from $157.00 to $139.00 and set a “buy” rating for the company in a report on Friday, October 17th. Oppenheimer cut shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Canaccord Genuity Group boosted their target price on shares of Rhythm Pharmaceuticals from $105.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, October 8th. Finally, JMP Securities lifted their price target on Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the stock a “market outperform” rating in a research report on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $124.27.

Rhythm Pharmaceuticals Trading Down 3.5%

Shares of RYTM stock opened at $113.56 on Thursday. The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of -36.63 and a beta of 1.96. Rhythm Pharmaceuticals has a 12-month low of $45.90 and a 12-month high of $122.20. The stock’s 50-day moving average price is $105.31 and its 200-day moving average price is $92.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative net margin of 110.32% and a negative return on equity of 433.21%. The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.71 million. As a group, research analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Joseph Shulman sold 14,437 shares of the stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $112.03, for a total value of $1,617,377.11. Following the sale, the insider directly owned 8,509 shares of the company’s stock, valued at $953,263.27. This represents a 62.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 27,000 shares of company stock worth $3,064,490. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 39.2% in the third quarter. Vanguard Group Inc. now owns 4,996,427 shares of the company’s stock worth $504,589,000 after buying an additional 1,407,313 shares during the period. Alliancebernstein L.P. grew its position in Rhythm Pharmaceuticals by 1,493.8% in the 3rd quarter. Alliancebernstein L.P. now owns 979,682 shares of the company’s stock valued at $98,938,000 after acquiring an additional 918,212 shares during the last quarter. JPMorgan Chase & Co. grew its position in Rhythm Pharmaceuticals by 445.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 783,559 shares of the company’s stock valued at $49,513,000 after acquiring an additional 639,919 shares during the last quarter. Capital Research Global Investors purchased a new stake in Rhythm Pharmaceuticals in the third quarter worth $60,417,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Rhythm Pharmaceuticals by 75.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company’s stock worth $63,515,000 after purchasing an additional 513,901 shares during 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.