Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $81.00 at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target hoisted by stock analysts at Canaccord Genuity Group from $80.00 to $81.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 54.58% from the company's previous close.

A number of other equities analysts have also commented on the stock. Needham & Company LLC restated a "buy" rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday. Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a report on Friday, December 20th. They issued an "outperform" rating and a $76.00 target price on the stock. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a "buy" rating and a $80.00 price target for the company. TD Cowen boosted their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Finally, JMP Securities restated a "market outperform" rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $68.27.

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Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded down $2.51 during mid-day trading on Thursday, reaching $52.40. The company had a trading volume of 641,299 shares, compared to its average volume of 490,747. The company's 50-day moving average is $56.91 and its 200-day moving average is $54.39. The company has a market capitalization of $3.22 billion, a P/E ratio of -12.10 and a beta of 2.14. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings data 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 return on equity of 367.36% and a negative net margin of 230.07%. The company had revenue of $41.83 million for the quarter, compared to analyst estimates of $38.48 million. As a group, equities analysts expect that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 2,215 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $126,742.30. Following the transaction, the chief financial officer now owns 109,929 shares of the company's stock, valued at approximately $6,290,137.38. This trade represents a 1.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David P. Meeker sold 4,278 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $254,241.54. Following the sale, the chief executive officer now owns 189,927 shares of the company's stock, valued at approximately $11,287,361.61. This represents a 2.20 % 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 over the last 90 days. Insiders own 5.60% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning bought a new stake in Rhythm Pharmaceuticals in the third quarter valued at about $450,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company's stock worth $114,000 after buying an additional 391 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Rhythm Pharmaceuticals by 19.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company's stock valued at $2,167,000 after acquiring an additional 6,741 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company's stock valued at $1,707,000 after acquiring an additional 23,054 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Rhythm Pharmaceuticals by 158.0% during the 3rd quarter. Victory Capital Management Inc. now owns 18,186 shares of the company's stock worth $953,000 after acquiring an additional 11,137 shares during 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.