Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) in a report issued on Thursday,Benzinga reports. They currently have a $64.00 target price on the stock.

Several other equities research analysts also recently weighed in on the company. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Canaccord Genuity Group restated a "buy" rating and issued a $80.00 target price on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. HC Wainwright reiterated a "buy" rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Jefferies Financial Group started coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They issued a "buy" rating and a $80.00 price objective for the company. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an "outperform" rating and a $76.00 target price on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $68.27.

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Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded down $2.51 during midday trading on Thursday, reaching $52.40. 603,111 shares of the stock were exchanged, compared to its average volume of 490,747. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -12.10 and a beta of 2.14. The business's 50-day moving average price is $56.91 and its 200 day moving average price is $54.39.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm had revenue of $41.83 million for the quarter, compared to analyst estimates of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. As a group, equities research analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 1,281 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 $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David P. Meeker sold 9,896 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total transaction of $566,249.12. Following the transaction, the chief executive officer now owns 201,281 shares of the company's stock, valued at approximately $11,517,298.82. The trade was a 4.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,787 shares of company stock worth $1,901,443 in the last quarter. Company insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Large investors have recently bought and sold shares of the stock. SRS Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 740.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company's stock valued at $25,000 after acquiring an additional 400 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in Rhythm Pharmaceuticals in the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new position in Rhythm Pharmaceuticals in the 4th quarter valued at about $37,000. R Squared Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $44,000. Finally, State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $61,000.

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.