Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $70.00 at HC Wainwright

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its price target raised by HC Wainwright from $69.00 to $70.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also issued reports on RYTM. Canaccord Genuity Group upped their target price on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a "buy" rating in a report on Thursday. TD Cowen upped their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Needham & Company LLC reiterated a "buy" rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday. Finally, JMP Securities restated a "market outperform" rating and set a $75.00 price objective 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 given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $68.27.

Rhythm Pharmaceuticals Stock Down 4.6 %

Shares of RYTM traded down $2.51 during mid-day trading on Monday, reaching $52.40. 641,299 shares of the company's stock were exchanged, compared to its average volume of 490,747. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -12.10 and a beta of 2.14. The company has a 50-day simple moving average of $56.91 and a two-hundred day simple moving average of $54.39.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its quarterly earnings results 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). 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 analysts' expectations of $38.48 million. As a group, equities research analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $76,129.83. Following the transaction, the insider now owns 2,657 shares in the company, valued at approximately $157,905.51. The trade was 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, EVP Jennifer Kayden Lee sold 1,815 shares of the company's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $56.39, for a total transaction of $102,347.85. Following the sale, the executive vice president now directly owns 3,598 shares of the company's stock, valued at approximately $202,891.22. This trade represents a 33.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,787 shares of company stock worth $1,901,443. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.