Morgan Stanley Boosts Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $16.00

Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Rating) had its price objective increased by Morgan Stanley from $8.00 to $16.00 in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also weighed in on RYTM. Needham & Company LLC dropped their price objective on shares of Rhythm Pharmaceuticals from $40.00 to $25.00 and set a buy rating on the stock in a research note on Friday, June 17th. Wells Fargo & Company raised their price objective on shares of Rhythm Pharmaceuticals from $22.00 to $35.00 in a research note on Tuesday. Stifel Nicolaus raised their price objective on shares of Rhythm Pharmaceuticals from $25.00 to $37.00 in a research note on Wednesday, July 20th. The Goldman Sachs Group raised their price objective on shares of Rhythm Pharmaceuticals from $4.00 to $6.00 and gave the company a neutral rating in a research note on Tuesday, July 12th. Finally, LADENBURG THALM/SH SH raised their price objective on shares of Rhythm Pharmaceuticals from $15.00 to $23.00 in a research note on Wednesday, July 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of Moderate Buy and a consensus target price of $26.00.

Rhythm Pharmaceuticals Stock Up 8.9 %

Shares of NASDAQ RYTM opened at $20.24 on Wednesday. The firm has a market cap of $1.02 billion, a PE ratio of -5.80 and a beta of 2.53. Rhythm Pharmaceuticals has a 12-month low of $3.04 and a 12-month high of $20.68. The company’s fifty day simple moving average is $7.33 and its 200 day simple moving average is $7.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM – Get Rating) last issued its earnings results on Tuesday, May 3rd. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.98) by ($0.07). Rhythm Pharmaceuticals had a negative return on equity of 62.60% and a negative net margin of 1,310.60%. The company had revenue of $1.50 million for the quarter, compared to the consensus estimate of $2.45 million. During the same period in the prior year, the company earned $0.90 earnings per share. On average, equities analysts predict that Rhythm Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

In related news, CFO Hunter C. Smith sold 7,547 shares of the firm’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $4.08, for a total transaction of $30,791.76. Following the completion of the sale, the chief financial officer now owns 57,614 shares in the company, valued at $235,065.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. increased its holdings in Rhythm Pharmaceuticals by 36.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 684,746 shares of the company’s stock worth $6,834,000 after buying an additional 182,476 shares during the last quarter. Bell & Brown Wealth Advisors LLC purchased a new stake in Rhythm Pharmaceuticals during the first quarter worth about $1,352,000. Rice Hall James & Associates LLC increased its stake in shares of Rhythm Pharmaceuticals by 7.0% in the first quarter. Rice Hall James & Associates LLC now owns 136,521 shares of the company’s stock worth $1,573,000 after purchasing an additional 8,975 shares in the last quarter. Virtus ETF Advisers LLC increased its stake in shares of Rhythm Pharmaceuticals by 69.0% in the fourth quarter. Virtus ETF Advisers LLC now owns 17,290 shares of the company’s stock worth $173,000 after purchasing an additional 7,061 shares in the last quarter. Finally, Samsara BioCapital LLC increased its stake in shares of Rhythm Pharmaceuticals by 15.0% in the fourth quarter. Samsara BioCapital LLC now owns 345,293 shares of the company’s stock worth $3,446,000 after purchasing an additional 45,000 shares in the last quarter.

Rhythm Pharmaceuticals Company Profile

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Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCIVREE, a potent 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.