Needham & Company LLC Boosts Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $66.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target lifted by investment analysts at Needham & Company LLC from $64.00 to $66.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 26.10% from the stock’s current price.

Other analysts have also issued research reports about the stock. Oppenheimer initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target on the stock. The Goldman Sachs Group increased their target price on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Stifel Nicolaus began coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective on the stock. Finally, HC Wainwright lifted their target price on Rhythm Pharmaceuticals from $69.00 to $70.00 and gave the company a “buy” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $69.46.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $52.34 on Tuesday. The company has a market capitalization of $3.31 billion, a P/E ratio of -12.09 and a beta of 2.30. The business has a fifty day simple moving average of $55.80 and a two-hundred day simple moving average of $54.73. Rhythm Pharmaceuticals has a 1 year low of $35.17 and a 1 year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) 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 analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, CFO Hunter C. Smith sold 1,678 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 $99,723.54. Following the completion of the sale, the chief financial officer now directly owns 101,186 shares of the company’s stock, valued at approximately $6,013,483.98. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David P. Meeker sold 4,278 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $254,241.54. Following the completion of the transaction, the chief executive officer now owns 189,927 shares of the company’s stock, valued at $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. Insiders sold a total of 32,787 shares of company stock worth $1,901,443 over the last three months. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Large investors have recently modified their holdings of the company. Castleark Management LLC boosted its stake in Rhythm Pharmaceuticals by 1.3% in the third quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock worth $1,009,000 after buying an additional 250 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Rhythm Pharmaceuticals by 2.3% in the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after acquiring an additional 300 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after purchasing an additional 400 shares in the last quarter. Raleigh Capital Management Inc. bought a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at $28,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Rhythm Pharmaceuticals by 2.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,156 shares of the company’s stock worth $1,857,000 after purchasing an additional 654 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.