Rhythm Pharmaceuticals (NASDAQ:RYTM) Given "Buy" Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) in a report published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $66.00 price target on the stock.

Several other brokerages also recently commented on RYTM. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They issued a "buy" rating and a $78.00 price target on the stock. Oppenheimer assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an "outperform" rating and a $76.00 target price on the stock. Bank of America raised shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target for the company in a report on Monday, April 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price objective (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Finally, Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They issued a "buy" rating and a $80.00 target price for the company. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $74.92.

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Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM traded up $1.72 during trading hours on Tuesday, hitting $59.55. 681,857 shares of the stock were exchanged, compared to its average volume of 543,240. The firm has a market capitalization of $3.76 billion, a P/E ratio of -13.75 and a beta of 2.32. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The company's 50 day moving average is $54.57 and its 200 day moving average is $55.34.

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

Insider Activity

In related news, EVP Yann Mazabraud sold 75,000 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the sale, the executive vice president now owns 40,370 shares of the company's stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares of the company's stock, valued at $118,445.40. This represents a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,641 shares of company stock worth $8,112,177. Company insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company's stock worth $2,635,000 after buying an additional 22,306 shares in the last quarter. BNP Paribas Financial Markets grew its position in Rhythm Pharmaceuticals by 307.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company's stock worth $756,000 after acquiring an additional 10,882 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Rhythm Pharmaceuticals by 241.9% during the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock valued at $1,707,000 after purchasing an additional 23,054 shares in the last quarter. Barclays PLC raised its position in Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company's stock valued at $5,574,000 after purchasing an additional 47,166 shares during the last quarter. Finally, KBC Group NV boosted its stake in Rhythm Pharmaceuticals by 78.2% in the fourth quarter. KBC Group NV now owns 2,251 shares of the company's stock worth $126,000 after purchasing an additional 988 shares in the last quarter.

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.