Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $80.00 at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective upped by Canaccord Genuity Group from $77.00 to $80.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. Bank of America increased their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective on the stock. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Finally, Needham & Company LLC raised their price objective on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $61.80.

Rhythm Pharmaceuticals Trading Up 11.4 %

NASDAQ:RYTM opened at $62.65 on Wednesday. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of -14.37 and a beta of 2.09. Rhythm Pharmaceuticals has a 1-year low of $23.83 and a 1-year high of $64.73. The business’s 50-day moving average price is $50.25 and its two-hundred day moving average price is $45.46.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. During the same quarter in the prior year, the firm earned ($0.76) earnings per share. The business’s quarterly revenue was up 47.6% on a year-over-year basis. Sell-side analysts predict that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Pamela J. Cramer sold 3,200 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at $675,135. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at approximately $675,135. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at approximately $157,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,857 shares of company stock worth $5,325,446. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently made changes to their positions in RYTM. CWM LLC boosted its holdings in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after acquiring an additional 253 shares during the last quarter. ORG Partners LLC bought a new position in Rhythm Pharmaceuticals during the second quarter worth $51,000. ORG Wealth Partners LLC acquired a new position in Rhythm Pharmaceuticals in the third quarter valued at $63,000. Quest Partners LLC boosted its position in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after acquiring an additional 1,391 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Rhythm Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares during the period.

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.