Needham & Company LLC Reiterates "Buy" Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Needham & Company LLC restated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $64.00 target price on the stock.

RYTM has been the subject of several other research reports. Jefferies Financial Group began coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They set a "buy" rating and a $80.00 price objective for the company. TD Cowen raised their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Oppenheimer began coverage on shares of Rhythm Pharmaceuticals in a report on Friday, December 20th. They set an "outperform" rating and a $76.00 price objective for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $69.00 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 assigned a buy rating to the company's stock. According to MarketBeat, Rhythm Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $68.09.

Rhythm Pharmaceuticals Stock Down 2.9 %

RYTM traded down $1.67 during midday trading on Wednesday, reaching $56.07. 327,906 shares of the company's stock were exchanged, compared to its average volume of 459,828. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -12.95 and a beta of 2.14. The business has a 50-day simple moving average of $57.10 and a two-hundred day simple moving average of $53.89. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now directly owns 2,070 shares of the company's stock, valued at approximately $118,445.40. This trade represents a 23.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David P. Meeker sold 9,896 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $566,249.12. Following the completion of the transaction, the chief executive officer now directly owns 201,281 shares in the company, valued at approximately $11,517,298.82. The trade was a 4.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,787 shares of company stock valued at $1,901,443 over the last quarter. Corporate insiders own 5.60% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of RYTM. Loomis Sayles & Co. L P bought a new position in shares of Rhythm Pharmaceuticals during the third quarter worth $33,353,000. Janus Henderson Group PLC boosted its position in shares of Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after purchasing an additional 621,432 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Rhythm Pharmaceuticals by 70.4% during the fourth quarter. Marshall Wace LLP now owns 692,803 shares of the company's stock worth $38,783,000 after purchasing an additional 286,188 shares in the last quarter. Norges Bank bought a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth $11,512,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Rhythm Pharmaceuticals by 224.3% during the fourth quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company's stock worth $14,811,000 after purchasing an additional 182,993 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.