Brokerages Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) PT at $54.33

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $54.33.

Several research analysts have recently commented on the stock. Needham & Company LLC decreased their price target on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. Bank of America downgraded shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price objective for the company from $49.00 to $42.00 in a research report on Wednesday, May 8th. Canaccord Genuity Group cut their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Finally, Wells Fargo & Company cut their price objective on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $40.81 on Thursday. Rhythm Pharmaceuticals has a 1-year low of $15.50 and a 1-year high of $52.57. The firm has a fifty day moving average of $39.86 and a two-hundred day moving average of $42.18. The firm has a market cap of $2.49 billion, a P/E ratio of -8.81 and a beta of 2.04.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The business had revenue of $26.00 million during the quarter, compared to analyst estimates of $26.90 million. During the same period last year, the firm posted ($0.92) earnings per share. The company’s quarterly revenue was up 126.1% on a year-over-year basis. On average, sell-side analysts expect that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $38.47, for a total transaction of $153,264.48. Following the sale, the insider now directly owns 30 shares in the company, valued at approximately $1,154.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently made changes to their positions in RYTM. Charles Schwab Investment Management Inc. grew its stake in shares of Rhythm Pharmaceuticals by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after purchasing an additional 34,189 shares during the last quarter. Deutsche Bank AG increased its position in shares of Rhythm Pharmaceuticals by 13.3% in the third quarter. Deutsche Bank AG now owns 27,452 shares of the company’s stock worth $629,000 after acquiring an additional 3,227 shares in the last quarter. FMR LLC increased its position in shares of Rhythm Pharmaceuticals by 23.8% in the third quarter. FMR LLC now owns 868,474 shares of the company’s stock worth $19,910,000 after acquiring an additional 166,940 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Rhythm Pharmaceuticals by 126.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 131,662 shares of the company’s stock worth $3,018,000 after acquiring an additional 73,543 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Rhythm Pharmaceuticals in the third quarter worth approximately $562,000.

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.