Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $66.00 Price Target at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by investment analysts at Needham & Company LLC from $64.00 to $66.00 in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 19.54% from the stock’s current price.

A number of other equities analysts have also commented on the company. The Goldman Sachs Group increased their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Stifel Nicolaus began coverage on Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a “buy” rating and a $78.00 price objective on the stock. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. Morgan Stanley restated an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They set an “outperform” rating and a $76.00 price objective on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.46.

Rhythm Pharmaceuticals Trading Up 5.6 %

Shares of Rhythm Pharmaceuticals stock opened at $55.21 on Tuesday. The stock has a 50 day moving average of $55.51 and a 200 day moving average of $54.81. Rhythm Pharmaceuticals has a 12 month low of $35.17 and a 12 month high of $68.58. The firm has a market cap of $3.49 billion, a PE ratio of -12.75 and a beta of 2.30.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. As a group, equities research analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 794 shares of the firm’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $45,662.94. Following the transaction, the insider now directly owns 6 shares in the company, valued at $345.06. This trade represents a 99.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Christopher Paul German sold 635 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at $118,445.40. The trade was a 23.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,787 shares of company stock worth $5,762,443. 5.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.