Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $74.92 Consensus Price Target from Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been assigned a consensus rating of “Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Thirteen investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $74.92.

A number of equities research analysts recently commented on the stock. Bank of America upgraded shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price target for the company in a report on Monday, April 7th. Stifel Nicolaus started coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They set a “buy” rating and a $78.00 target price for the company. Canaccord Genuity Group boosted their price target on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, April 8th. Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th.

Rhythm Pharmaceuticals Stock Up 1.3 %

NASDAQ RYTM opened at $63.76 on Wednesday. The company has a 50-day simple moving average of $55.19 and a two-hundred day simple moving average of $56.19. Rhythm Pharmaceuticals has a 12-month low of $35.17 and a 12-month high of $68.58. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -14.73 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued 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 company had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Equities analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Yann Mazabraud sold 17,750 shares of the business’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $60.99, for a total value of $1,082,572.50. Following the completion of the transaction, the executive vice president now owns 22,620 shares in the company, valued at $1,379,593.80. The trade was a 43.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Hunter C. Smith sold 1,678 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $99,723.54. Following the sale, the chief financial officer now directly owns 101,186 shares in the company, valued at approximately $6,013,483.98. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,641 shares of company stock worth $8,112,177. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RYTM. Two Sigma Advisers LP grew its holdings in shares of Rhythm Pharmaceuticals by 2.3% in the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after acquiring an additional 300 shares during the period. SRS Capital Advisors Inc. grew its stake in shares of Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after purchasing an additional 400 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $28,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rhythm Pharmaceuticals by 2.0% during the 4th 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 last quarter. Finally, SBI Securities Co. Ltd. bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth approximately $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.