Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $69.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its target price upped by HC Wainwright from $64.00 to $69.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a "buy" rating and a $70.00 target price for the company. JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an "outperform" rating and a $64.00 price target for the company. Canaccord Genuity Group raised their target price on Rhythm Pharmaceuticals from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday. Needham & Company LLC raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Bank of America upped their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a "neutral" rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $62.30.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM traded up $1.42 during mid-day trading on Thursday, reaching $64.07. The stock had a trading volume of 516,306 shares, compared to its average volume of 538,765. The stock has a market cap of $3.92 billion, a P/E ratio of -14.37 and a beta of 2.09. The business's 50 day moving average is $50.25 and its 200 day moving average is $45.46. Rhythm Pharmaceuticals has a fifty-two week low of $26.55 and a fifty-two week high of $65.14.

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

Insider Activity at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $157,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Pamela J. Cramer sold 4,099 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $675,405. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the firm's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, 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. Insiders have sold a total of 109,857 shares of company stock valued at $5,325,446 over the last 90 days. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perceptive Advisors LLC raised 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 last quarter. Vanguard Group Inc. raised its position in shares of Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company's stock valued at $143,169,000 after buying an additional 77,208 shares during the period. 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 valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company's stock worth $48,548,000 after acquiring an additional 326,865 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Rhythm Pharmaceuticals by 32.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 967,243 shares of the company's stock valued at $39,715,000 after purchasing an additional 236,600 shares in the last quarter.

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.