Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $60.33 Consensus Target Price from Analysts

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have been assigned a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $60.33.

A number of research firms have weighed in on RYTM. HC Wainwright reiterated a “buy” rating and set a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday, October 30th. JMP Securities assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. Bank of America upped their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Guggenheim started coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 target price for the company.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM opened at $49.01 on Wednesday. The company has a 50-day simple moving average of $49.69 and a 200-day simple moving average of $45.11. Rhythm Pharmaceuticals has a 52 week low of $23.26 and a 52 week high of $55.64. The firm has a market capitalization of $3.00 billion, a P/E ratio of -11.24 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.55) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.16. The company had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company’s quarterly revenue was up 51.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.82) EPS. As a group, equities analysts forecast that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 3,200 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total value of $160,032.00. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Jennifer L. Good sold 31,751 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 3,000 shares in the company, valued at $157,200. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Pamela J. Cramer sold 3,200 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $160,032.00. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at $675,135. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,857 shares of company stock valued at $5,325,446. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Rhythm Pharmaceuticals by 381.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after buying an additional 578,800 shares during the period. Driehaus Capital Management LLC raised its position in shares of Rhythm Pharmaceuticals by 38.2% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after acquiring an additional 326,865 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Rhythm Pharmaceuticals by 116.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock valued at $25,001,000 after purchasing an additional 310,000 shares during the period. Candriam S.C.A. bought a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter worth $11,143,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Rhythm Pharmaceuticals by 157.7% during the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock worth $15,371,000 after purchasing an additional 229,056 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.