Rhythm Pharmaceuticals’ (RYTM) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $66.00 price target on the stock.

RYTM has been the subject of a number of other research reports. Oppenheimer started coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target for the company. Jefferies Financial Group started coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday. Bank of America upgraded 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. Finally, JMP Securities restated a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $74.92.

Rhythm Pharmaceuticals Stock Down 4.0 %

Shares of RYTM opened at $57.83 on Tuesday. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of -13.36 and a beta of 2.32. The business has a 50-day simple moving average of $54.58 and a two-hundred day simple moving average of $55.29.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its 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). The firm had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. On average, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 1,281 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Yann Mazabraud sold 17,750 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $60.99, for a total transaction of $1,082,572.50. Following the transaction, the executive vice president now directly owns 22,620 shares of the company’s stock, valued at approximately $1,379,593.80. This represents a 43.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 146,641 shares of company stock valued at $8,112,177. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. SRS Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after purchasing an additional 400 shares during the last quarter. Raleigh Capital Management Inc. bought a new stake in Rhythm Pharmaceuticals during the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in Rhythm Pharmaceuticals in the 4th quarter valued at about $37,000. R Squared Ltd purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth approximately $44,000. Finally, State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $61,000.

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.