Needham & Company LLC Reiterates “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Needham & Company LLC reaffirmed their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note published on Wednesday,Benzinga reports. Needham & Company LLC currently has a $64.00 price objective on the stock.

Several other equities research analysts have also recently commented on the company. HC Wainwright reissued a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a report on Tuesday, November 19th. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Finally, JMP Securities restated a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $68.09.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM opened at $58.00 on Wednesday. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The business’s 50-day moving average price is $57.06 and its two-hundred day moving average price is $53.86. The company has a market capitalization of $3.56 billion, a P/E ratio of -13.39 and a beta of 2.14.

Insiders Place Their Bets

In related news, CFO Hunter C. Smith sold 1,678 shares of the business’s 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 transaction, the chief financial officer now 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jennifer Kayden Lee sold 1,815 shares of the stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $56.39, for a total transaction of $102,347.85. Following the completion of the sale, the executive vice president now directly owns 3,598 shares of the company’s stock, valued at approximately $202,891.22. This trade represents a 33.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,787 shares of company stock valued at $1,901,443 in the last three months. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P acquired a new stake in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $33,353,000. Janus Henderson Group PLC boosted its stake in Rhythm Pharmaceuticals by 103.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock worth $68,309,000 after buying an additional 621,432 shares in the last quarter. Marshall Wace LLP increased its holdings in Rhythm Pharmaceuticals by 70.4% in the 4th quarter. Marshall Wace LLP now owns 692,803 shares of the company’s stock valued at $38,783,000 after buying an additional 286,188 shares during the period. Norges Bank acquired a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $11,512,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Rhythm Pharmaceuticals by 224.3% during the 4th quarter. JPMorgan Chase & Co. now owns 264,585 shares of the company’s stock worth $14,811,000 after acquiring an additional 182,993 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.