Analysts Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Target Price at $54.33

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $55.83.

Several brokerages recently commented on RYTM. Needham & Company LLC lifted their target price on shares of Rhythm Pharmaceuticals from $46.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday. Bank of America downgraded shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $49.00 to $42.00 in a research note on Wednesday, May 8th. Canaccord Genuity Group reduced their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $49.05 on Monday. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -10.77 and a beta of 2.04. Rhythm Pharmaceuticals has a fifty-two week low of $17.34 and a fifty-two week high of $53.92. The firm has a 50 day moving average price of $42.42 and a 200-day moving average price of $42.48.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative return on equity of 179.26% and a negative net margin of 297.91%. The firm had revenue of $26.00 million during the quarter, compared to analysts’ expectations of $26.90 million. During the same period in the previous year, the firm earned ($0.92) earnings per share. The firm’s quarterly revenue was up 126.1% compared to the same quarter last year. As a group, equities research analysts predict that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insider Activity

In other news, insider Joseph Shulman sold 3,984 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $38.47, for a total transaction of $153,264.48. Following the sale, the insider now owns 30 shares in the company, valued at approximately $1,154.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 19,765 shares of company stock worth $973,772. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently modified their holdings of RYTM. CWM LLC boosted its stake in Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares in the last quarter. AJOVista LLC bought a new position in Rhythm Pharmaceuticals in the 4th quarter worth about $42,000. ORG Partners LLC bought a new position in Rhythm Pharmaceuticals in the 2nd quarter worth about $51,000. Nisa Investment Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 91.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock worth $58,000 after purchasing an additional 600 shares in the last quarter. Finally, Quarry LP bought a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $69,000.

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.