Wells Fargo & Company Forecasts Strong Price Appreciation for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective hoisted by research analysts at Wells Fargo & Company from $80.00 to $91.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 57.63% from the company’s previous close.

A number of other brokerages also recently commented on RYTM. Stifel Nicolaus started coverage on Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They issued a “buy” rating and a $78.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They issued a “buy” rating and a $80.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, March 24th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $74.92.

Rhythm Pharmaceuticals Trading Up 5.0 %

Shares of NASDAQ RYTM opened at $57.73 on Monday. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of -13.33 and a beta of 2.32. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The business has a 50 day simple moving average of $54.57 and a 200-day simple moving average of $55.15.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The business had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, CAO Christopher Paul German sold 635 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the sale, the chief accounting officer now owns 2,070 shares of the company’s stock, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Yann Mazabraud sold 75,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $51.48, for a total value of $3,861,000.00. Following the transaction, the executive vice president now directly owns 40,370 shares of the company’s stock, valued at $2,078,247.60. This represents a 65.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 108,131 shares of company stock valued at $5,781,098. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. SRS Capital Advisors Inc. boosted its holdings in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after buying an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at $37,000. R Squared Ltd bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $44,000. Finally, State of Wyoming acquired a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth $61,000.

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.