Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $64.67 Consensus Target Price from Brokerages

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been given an average rating of “Moderate Buy” by the ten analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $65.80.

Several research firms have weighed in on RYTM. Bank of America boosted their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Guggenheim initiated coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. The Goldman Sachs Group boosted their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Needham & Company LLC raised their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 13,281 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $66.44, for a total value of $882,389.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 4,688 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total value of $304,720.00. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at $877,500. This trade represents a 25.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,830 shares of company stock worth $5,622,000. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RYTM. CWM LLC boosted its position in shares of Rhythm Pharmaceuticals by 62.6% during the 2nd 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 Wealth Partners LLC bought a new stake in Rhythm Pharmaceuticals during the third quarter valued at approximately $63,000. Quest Partners LLC grew its stake in Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after buying an additional 1,391 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after buying an additional 391 shares during the last quarter. Finally, Creative Planning purchased a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter valued at $450,000.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $56.12 on Thursday. The firm has a 50-day moving average of $56.39 and a 200-day moving average of $50.06. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The company has a market cap of $3.45 billion, a P/E ratio of -12.96 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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 230.07% and a negative return on equity of 367.36%. The firm had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. During the same quarter last year, the business posted ($0.76) EPS. The company’s revenue for the quarter was up 47.6% on a year-over-year basis. As a group, research analysts expect that Rhythm Pharmaceuticals will post -4.34 earnings per share for the current fiscal year.

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.