Rhythm Pharmaceuticals, Inc. (RYTM) Stock Rating Reaffirmed by Needham & Company LLC
Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued on Tuesday. They presently have a $32.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 25.69% from the company’s previous close.
The analysts wrote, “Rhythm reported 3Q17 financial results and we spoke w/ mgmt for an update. Enrollment in Phase 3 setmelanotide trial in POMC Deficiency is still expected to be completed by YE17. We assume top-line results in early 2019 (unch) and continue to expect a positive outcome. Mgmt also reiterated guidance for intiation of Phase 3 setmelanotide trial in LepR Deficiency by YE17. Data in a small number of patients with POMC or LepR Deficiency were remarkably strong and are the basis for our enthusiasm for the drug and the stock. We await data from Phase 2 trials in Alstrom Syndrome and POMC Epigenetic/ Heterozygous mutation patients in early 2018. A favorable outcome would add meaningfully to peak sales potential. BUY.””
Other research analysts also recently issued reports about the company. Morgan Stanley began coverage on Rhythm Pharmaceuticals in a report on Monday, October 30th. They issued an “equal weight” rating and a $23.00 price target for the company. Bank of America Corporation began coverage on Rhythm Pharmaceuticals in a report on Monday, October 30th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Cowen and Company began coverage on Rhythm Pharmaceuticals in a report on Monday, October 30th. They issued an “outperform” rating and a $40.00 price target for the company.
In other Rhythm Pharmaceuticals news, insider James E. Flynn purchased 355,000 shares of the stock in a transaction dated Tuesday, October 10th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $6,035,000.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder S.A. Ipsen purchased 20,000 shares of the stock in a transaction dated Tuesday, October 10th. The shares were acquired at an average price of $17.00 per share, with a total value of $340,000.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 1,285,000 shares of company stock valued at $21,845,000.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders. The Company’s lead peptide product candidate is setmelanotide, a potent, first-in-class melanocortin-4 receptor, or MC4R, agonist for the treatment of rare genetic disorders of obesity.
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