Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Lowered to $140.00 at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective lowered by stock analysts at Canaccord Genuity Group from $141.00 to $140.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 49.49% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley restated an “overweight” rating and set a $150.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Thursday, December 11th. HC Wainwright lowered their price target on shares of Rhythm Pharmaceuticals from $125.00 to $110.00 and set a “buy” rating for the company in a report on Monday. Zacks Research upgraded shares of Rhythm Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. The Goldman Sachs Group increased their price objective on shares of Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $132.57.

Rhythm Pharmaceuticals Stock Up 1.0%

Shares of RYTM traded up $0.92 during midday trading on Monday, hitting $93.65. The company’s stock had a trading volume of 639,900 shares, compared to its average volume of 676,061. Rhythm Pharmaceuticals has a one year low of $45.90 and a one year high of $122.20. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of -30.02 and a beta of 2.00. The company’s fifty day simple moving average is $103.90 and its two-hundred day simple moving average is $103.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative net margin of 103.57% and a negative return on equity of 266.56%. The company had revenue of $57.25 million during the quarter, compared to the consensus estimate of $56.16 million. During the same period in the prior year, the business earned ($0.72) earnings per share. The company’s revenue for the quarter was up 36.9% compared to the same quarter last year. On average, research analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 3,350 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $111.00, for a total value of $371,850.00. Following the transaction, the insider owned 20,814 shares in the company, valued at $2,310,354. The trade was a 13.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the sale, the chief financial officer directly owned 110,512 shares of the company’s stock, valued at $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 25,003 shares of company stock worth $2,589,015 over the last three months. 6.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its stake in Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock valued at $28,000 after buying an additional 200 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Rhythm Pharmaceuticals by 97.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock valued at $29,000 after acquiring an additional 141 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Rhythm Pharmaceuticals by 1,110.3% during the third quarter. Farther Finance Advisors LLC now owns 351 shares of the company’s stock worth $35,000 after purchasing an additional 322 shares in the last quarter. Optiver Holding B.V. raised its stake in Rhythm Pharmaceuticals by 65.2% in the third quarter. Optiver Holding B.V. now owns 365 shares of the company’s stock valued at $37,000 after purchasing an additional 144 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its position in Rhythm Pharmaceuticals by 73.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after purchasing an additional 145 shares during the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.