Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $92.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its price objective increased by Canaccord Genuity Group from $81.00 to $92.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a "buy" rating and a $80.00 price target on the stock. Needham & Company LLC boosted their price target on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a "buy" rating and a $78.00 price objective for the company. HC Wainwright reissued a "buy" rating and set a $80.00 target price (up from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target for the company in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $74.92.

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Rhythm Pharmaceuticals Trading Up 3.0 %

RYTM stock traded up $1.72 during midday trading on Tuesday, hitting $59.55. 681,857 shares of the company's stock were exchanged, compared to its average volume of 543,240. The firm has a 50 day moving average price of $54.57 and a 200-day moving average price of $55.34. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of -13.75 and a beta of 2.32. Rhythm Pharmaceuticals has a 12-month low of $35.17 and a 12-month high of $68.58.

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

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $36,334.70. Following the transaction, the chief accounting officer now directly 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David P. Meeker sold 4,278 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $254,241.54. Following the completion of the sale, the chief executive officer now owns 189,927 shares of the company's stock, valued at approximately $11,287,361.61. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,641 shares of company stock worth $8,112,177. Corporate insiders own 5.60% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company's stock valued at $2,635,000 after buying an additional 22,306 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Rhythm Pharmaceuticals by 307.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company's stock valued at $756,000 after purchasing an additional 10,882 shares in the last quarter. Barclays PLC raised its holdings in shares of Rhythm Pharmaceuticals by 79.6% in the third quarter. Barclays PLC now owns 106,397 shares of the company's stock valued at $5,574,000 after buying an additional 47,166 shares during the last quarter. Frazier Life Sciences Management L.P. raised its stake in shares of Rhythm Pharmaceuticals by 1.9% in the third quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company's stock worth $126,624,000 after acquiring an additional 45,648 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Rhythm Pharmaceuticals by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company's stock worth $65,824,000 after purchasing an additional 3,499 shares during 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.