Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $92.00 Price Target at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target hoisted by Canaccord Genuity Group from $81.00 to $92.00 in a research report report published on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research firms have also weighed in on RYTM. Bank of America raised Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Monday. Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Stifel Nicolaus assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective for the company. Finally, Oppenheimer started coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $74.92.

Rhythm Pharmaceuticals Stock Down 4.0 %

Shares of RYTM opened at $57.83 on Tuesday. The company has a market capitalization of $3.66 billion, a PE ratio of -13.36 and a beta of 2.32. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The company has a 50-day simple moving average of $54.58 and a 200-day simple moving average of $55.29.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). The company had revenue of $41.83 million for the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. On average, research analysts anticipate that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 20,760 shares of the business’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $60.14, for a total transaction of $1,248,506.40. Following the completion of the sale, the insider now owns 19,209 shares of the company’s stock, valued at approximately $1,155,229.26. The trade was a 51.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the completion of the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,641 shares of company stock valued at $8,112,177. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Two Sigma Advisers LP grew its stake in Rhythm Pharmaceuticals by 2.3% during the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after buying an additional 300 shares during the period. SRS Capital Advisors Inc. boosted its position in Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. acquired a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Rhythm Pharmaceuticals by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock valued at $1,857,000 after purchasing an additional 654 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $37,000.

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.