Wells Fargo & Company Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by analysts at Wells Fargo & Company from $80.00 to $91.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 57.63% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC increased their price objective on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. HC Wainwright reissued a “buy” rating and issued a $70.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, March 24th. Bank of America raised shares of Rhythm Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Monday. Canaccord Genuity Group upped their price objective on shares of Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Finally, Morgan Stanley reissued an “overweight” rating and set a $72.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $74.92.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $57.73 on Monday. The firm has a market capitalization of $3.65 billion, a P/E ratio of -13.33 and a beta of 2.32. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The company’s 50 day simple moving average is $54.57 and its 200-day simple moving average is $55.15.

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

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 75,000 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the sale, the executive vice president now owns 40,370 shares of the company’s stock, valued at $2,078,247.60. The trade was a 65.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christopher Paul German sold 635 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now directly owns 2,070 shares in the company, valued at approximately $118,445.40. This represents a 23.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,131 shares of company stock valued at $5,781,098. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its stake in Rhythm Pharmaceuticals by 3.6% in the 1st quarter. Rhumbline Advisers now owns 85,719 shares of the company’s stock valued at $4,541,000 after buying an additional 2,988 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Rhythm Pharmaceuticals by 7,305.5% in the first quarter. GAMMA Investing LLC now owns 14,885 shares of the company’s stock valued at $788,000 after purchasing an additional 14,684 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $4,259,000. GF Fund Management CO. LTD. acquired a new position in shares of Rhythm Pharmaceuticals during the 4th quarter worth about $72,000. Finally, Voloridge Investment Management LLC boosted its stake in Rhythm Pharmaceuticals by 7.7% during the 4th quarter. Voloridge Investment Management LLC now owns 380,537 shares of the company’s stock valued at $21,302,000 after purchasing an additional 27,214 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.