Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $64.00 at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its target price upped by Needham & Company LLC from $55.00 to $64.00 in a report issued on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on RYTM. Bank of America boosted their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a "buy" rating and a $70.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, October 25th. Finally, JMP Securities started coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 target price for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $61.80.

Rhythm Pharmaceuticals Trading Up 11.4 %

RYTM stock traded up $6.40 during midday trading on Wednesday, hitting $62.65. The company had a trading volume of 2,767,030 shares, compared to its average volume of 538,869. Rhythm Pharmaceuticals has a 52 week low of $23.83 and a 52 week high of $64.73. The stock's 50 day moving average price is $50.25 and its 200 day moving average price is $45.46. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of -14.37 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping analysts' consensus estimates of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The firm had revenue of $33.20 million for the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the prior year, the business earned ($0.76) EPS. The business's revenue for the quarter was up 47.6% on a year-over-year basis. Analysts predict that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 4,300 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the transaction, the director now owns 3,000 shares in the company, valued at $150,030. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Lynn A. Tetrault sold 4,300 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $215,043.00. Following the transaction, the director now owns 3,000 shares in the company, valued at approximately $150,030. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jennifer L. Good sold 31,751 shares of the firm's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total value of $1,663,752.40. Following the sale, the director now directly owns 3,000 shares in the company, valued at $157,200. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,857 shares of company stock valued at $5,325,446. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 5.4% during the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company's stock worth $141,517,000 after purchasing an additional 178,000 shares during the period. Vanguard Group Inc. raised its position in Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company's stock worth $143,169,000 after buying an additional 77,208 shares during the last quarter. Frazier Life Sciences Management L.P. lifted its stake in shares of Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company's stock worth $97,366,000 after acquiring an additional 181,125 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 38.2% in the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock valued at $48,548,000 after acquiring an additional 326,865 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Rhythm Pharmaceuticals by 32.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock worth $39,715,000 after acquiring an additional 236,600 shares during the period.

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.