Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $160.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price upped by Citizens Jmp from $155.00 to $160.00 in a research note issued to investors on Wednesday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

Other equities analysts have also issued reports about the company. National Bank Financial set a $160.00 price target on Rhythm Pharmaceuticals in a research note on Wednesday. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday. Royal Bank Of Canada raised their target price on 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, Stifel Nicolaus set a $133.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, June 15th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $142.44.

Rhythm Pharmaceuticals Trading Up 3.1%

Shares of NASDAQ:RYTM opened at $115.63 on Wednesday. The company has a 50 day moving average of $102.51 and a 200-day moving average of $96.06. The firm has a market cap of $7.92 billion, a P/E ratio of -37.18 and a beta of 1.92. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. During the same quarter last year, the business earned ($0.75) earnings per share. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. Equities research analysts forecast that Rhythm Pharmaceuticals will post -2.86 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the transaction, the director directly owned 7,000 shares in the company, valued at $702,240. The trade was a 84.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of RYTM. M&T Bank Corp acquired a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $9,202,000. Jennison Associates LLC raised its position in shares of Rhythm Pharmaceuticals by 123.2% in 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 during the period. Zweig DiMenna Associates LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth $8,734,000. Pictet Asset Management Holding SA lifted its stake in shares of Rhythm Pharmaceuticals by 8.5% in the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock worth $57,329,000 after buying an additional 52,383 shares during the last quarter. Finally, Orbimed Advisors LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 31.0% during the 1st quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock worth $27,317,000 after buying an additional 74,300 shares during the period.

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.