Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock Has Average Target Price of $142.50 According to Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been assigned an average rating of “Moderate Buy” from the twenty-two analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and eighteen have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $142.50.

A number of research analysts recently issued reports on the company. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. JPMorgan Chase & Co. reduced their target price on Rhythm Pharmaceuticals from $146.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. Wolfe Research started coverage on Rhythm Pharmaceuticals in a report on Thursday, September 17th. They set an “outperform” rating for the company. Citizens Jmp upped their target price on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a “market outperform” rating in a report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Rhythm Pharmaceuticals in a research note on Friday, August 28th. They issued a “hold” rating and a $120.00 price target for the company.

Rhythm Pharmaceuticals Stock Up 3.0%

Shares of NASDAQ:RYTM opened at $92.18 on Friday. The company has a 50-day moving average price of $98.42 and a 200-day moving average price of $97.49. Rhythm Pharmaceuticals has a 12 month low of $74.50 and a 12 month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. The firm had revenue of $71.25 million for the quarter, compared to analysts’ expectations of $67.66 million. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.75) earnings per share. Equities analysts expect that Rhythm Pharmaceuticals will post -2.77 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CFO Hunter Smith sold 62,774 shares of the business’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $105.46, for a total transaction of $6,620,146.04. Following the transaction, the chief financial officer directly owned 114,024 shares of the company’s stock, valued at approximately $12,024,971.04. The trade was a 35.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Meeker sold 50,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $102.67, for a total value of $5,133,500.00. Following the sale, the chief executive officer directly owned 239,258 shares in the company, valued at approximately $24,564,618.86. The trade was a 17.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 258,450 shares of company stock worth $28,796,497. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after purchasing an additional 97 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 106.4% in the first quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company’s stock worth $48,000 after purchasing an additional 283 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Rhythm Pharmaceuticals during the second quarter valued at $51,000. Pinnacle Wealth Planning Services Inc. boosted its holdings in shares of Rhythm Pharmaceuticals by 894.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 666 shares of the company’s stock valued at $63,000 after buying an additional 599 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 9.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after buying an additional 136 shares during the period.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.