Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $138.29 Consensus Target Price from Analysts

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been given an average rating of “Moderate Buy” by the seventeen ratings firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $138.2857.

RYTM has been the topic of a number of research analyst reports. Stifel Nicolaus set a $133.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, June 15th. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Royal Bank Of Canada raised their target price on shares of Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Wall Street Zen raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company raised their price objective on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the sale, the director owned 7,000 shares of the company’s stock, valued at $702,240. The trade was a 84.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Rhythm Pharmaceuticals by 24.3% during the fourth quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock worth $664,816,000 after purchasing an additional 1,214,489 shares during the period. RA Capital Management L.P. boosted its position in Rhythm Pharmaceuticals by 17.3% in the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock valued at $713,618,000 after buying an additional 985,478 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Rhythm Pharmaceuticals by 1,493.8% during 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 in the last quarter. Jennison Associates LLC boosted its stake in shares of Rhythm Pharmaceuticals by 123.2% during the fourth quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock valued at $98,323,000 after purchasing an additional 507,017 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Rhythm Pharmaceuticals by 180.0% during the 1st quarter. Bank of America Corp DE now owns 628,667 shares of the company’s stock worth $54,675,000 after acquiring an additional 404,183 shares during the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM opened at $102.66 on Friday. Rhythm Pharmaceuticals has a 52 week low of $74.50 and a 52 week high of $122.20. The company has a 50 day moving average price of $98.68 and a two-hundred day moving average price of $95.75. The company has a market capitalization of $7.04 billion, a PE ratio of -32.80 and a beta of 1.88.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($0.86) by $0.03. The firm had revenue of $60.11 million for the quarter, compared to analyst estimates of $55.78 million. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The company’s revenue for the quarter was up 83.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.81) earnings per share. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -3.1 earnings per share for the current year.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.