Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Lowered to $52.00 at Wells Fargo & Company

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price decreased by Wells Fargo & Company from $53.00 to $52.00 in a report released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other analysts also recently weighed in on RYTM. The Goldman Sachs Group boosted their target price on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a buy rating in a report on Thursday, January 25th. Needham & Company LLC reissued a buy rating and issued a $50.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Wednesday, April 10th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and a consensus price target of $47.20.

Rhythm Pharmaceuticals Trading Down 0.9 %

Shares of NASDAQ RYTM opened at $38.11 on Thursday. The firm’s fifty day moving average is $42.98 and its two-hundred day moving average is $38.09. Rhythm Pharmaceuticals has a 52-week low of $15.50 and a 52-week high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.70). The company had revenue of $24.23 million for the quarter, compared to the consensus estimate of $25.38 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. Rhythm Pharmaceuticals’s revenue for the quarter was up 175.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.75) EPS. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.05 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, CEO David P. Meeker sold 45,494 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the sale, the chief executive officer now owns 174,605 shares of the company’s stock, valued at approximately $6,848,008.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Joseph Shulman sold 791 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $40,641.58. Following the completion of the transaction, the insider now owns 3,457 shares in the company, valued at approximately $177,620.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David P. Meeker sold 45,494 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $1,784,274.68. Following the transaction, the chief executive officer now owns 174,605 shares of the company’s stock, valued at approximately $6,848,008.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,069 shares of company stock valued at $7,626,355. Company insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its stake in Rhythm Pharmaceuticals by 85.3% during the 3rd quarter. Barclays PLC now owns 241,261 shares of the company’s stock valued at $5,531,000 after purchasing an additional 111,033 shares in the last quarter. Silverarc Capital Management LLC raised its holdings in shares of Rhythm Pharmaceuticals by 124.3% during the third quarter. Silverarc Capital Management LLC now owns 260,537 shares of the company’s stock worth $5,973,000 after purchasing an additional 144,369 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Rhythm Pharmaceuticals during the third quarter worth $1,004,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 9.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after purchasing an additional 34,189 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Rhythm Pharmaceuticals during the third quarter worth $460,000.

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.