Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $160.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price hoisted by Citizens Jmp from $155.00 to $160.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective suggests a potential upside of 47.56% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. Royal Bank Of Canada upped their target price on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Finally, Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, June 15th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $140.75.

Rhythm Pharmaceuticals Stock Up 2.5%

Shares of NASDAQ:RYTM traded up $2.65 on Wednesday, reaching $108.43. The company had a trading volume of 322,055 shares, compared to its average volume of 790,087. The stock has a market capitalization of $7.43 billion, a P/E ratio of -34.64 and a beta of 1.92. The stock has a 50-day moving average price of $101.19 and a 200 day moving average price of $95.82. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The business had revenue of $71.25 million for the quarter, compared to analyst estimates of $67.66 million. During the same quarter in the prior year, the firm posted ($0.75) EPS. The firm’s revenue for the quarter was up 46.9% on a year-over-year basis. On average, sell-side analysts predict that Rhythm Pharmaceuticals will post -3.08 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other news, Director Lynn A. Tetrault sold 37,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the sale, the director directly owned 7,000 shares of the company’s stock, valued at approximately $702,240. This represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 303.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after purchasing an additional 200 shares during the period. SBI Securities Co. Ltd. grew its position in Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock worth $37,000 after purchasing an additional 145 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after purchasing an additional 97 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after purchasing an additional 113 shares during the period. Finally, Covestor Ltd raised its position in shares of Rhythm Pharmaceuticals by 328.9% during the fourth quarter. Covestor Ltd now owns 579 shares of the company’s stock valued at $62,000 after buying an additional 444 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.