Analysts Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Price Target at $75.38

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been given an average recommendation of “Buy” by the thirteen brokerages that are presently covering the company, Marketbeat reports. Thirteen research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $75.38.

A number of equities analysts have issued reports on the company. Needham & Company LLC lifted their price target on Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. HC Wainwright reissued a “buy” rating and set a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Stifel Nicolaus assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a “buy” rating and a $78.00 target price on the stock. Wells Fargo & Company raised their price target on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, April 7th. Finally, Canaccord Genuity Group raised their price target on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a “buy” rating in a research note on Tuesday, April 8th.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $63.87 on Friday. The stock has a market capitalization of $4.06 billion, a PE ratio of -14.75 and a beta of 2.36. The company’s 50-day moving average is $58.20 and its 200-day moving average is $57.57. Rhythm Pharmaceuticals has a 1 year low of $35.17 and a 1 year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.12). The company had revenue of $37.72 million for the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Rhythm Pharmaceuticals’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the company earned ($2.35) EPS. On average, analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Yann Mazabraud sold 6,745 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total transaction of $438,964.60. Following the completion of the sale, the executive vice president now directly owns 37,655 shares of the company’s stock, valued at approximately $2,450,587.40. The trade was a 15.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pamela J. Cramer sold 7,031 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $65.09, for a total transaction of $457,647.79. Following the sale, the insider now directly owns 19,209 shares of the company’s stock, valued at $1,250,313.81. This represents a 26.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 127,630 shares of company stock worth $7,107,346 in the last three months. Corporate insiders own 6.10% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. SRS Capital Advisors Inc. lifted its stake in Rhythm Pharmaceuticals by 740.7% in the fourth 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 last quarter. Raleigh Capital Management Inc. purchased a new stake in Rhythm Pharmaceuticals in the fourth quarter worth about $28,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Rhythm Pharmaceuticals in the first quarter worth about $34,000. SBI Securities Co. Ltd. purchased a new stake in Rhythm Pharmaceuticals in the fourth quarter worth about $37,000. Finally, R Squared Ltd bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth approximately $44,000.

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.