Rhythm Pharmaceuticals (NASDAQ:RYTM) Rating Reiterated by Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $50.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 17.43% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley raised Rhythm Pharmaceuticals from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $29.00 to $55.00 in a report on Tuesday, December 19th. Wells Fargo & Company lifted their price target on shares of Rhythm Pharmaceuticals from $48.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 19th. Finally, The Goldman Sachs Group lifted their price target on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $47.40.

Rhythm Pharmaceuticals Trading Up 3.6 %

RYTM opened at $42.58 on Wednesday. The business’s 50 day moving average is $43.75 and its 200-day moving average is $37.54. The stock has a market cap of $2.56 billion, a PE ratio of -13.31 and a beta of 1.90. Rhythm Pharmaceuticals has a twelve month low of $15.50 and a twelve month high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, hitting the consensus estimate of ($0.70). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The firm had revenue of $24.23 million for the quarter, compared to analysts’ expectations of $25.38 million. During the same quarter in the previous year, the company earned ($0.75) earnings per share. The firm’s quarterly revenue was up 175.7% compared to the same quarter last year. As a group, analysts forecast that Rhythm Pharmaceuticals will post -4.03 EPS for the current year.

Insider Activity

In other news, insider Joseph Shulman sold 18,235 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total transaction of $735,599.90. Following the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,210.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Joseph Shulman sold 18,235 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total value of $735,599.90. Following the completion of the sale, the insider now owns 30 shares of the company’s stock, valued at approximately $1,210.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $62,118.42. Following the sale, the chief financial officer now owns 80,413 shares of the company’s stock, valued at $4,131,619.94. The disclosure for this sale can be found here. Insiders have sold a total of 172,069 shares of company stock worth $7,626,355 in the last ninety days. Corporate insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. UBS Group AG raised its position in Rhythm Pharmaceuticals by 1,401.4% in the second quarter. UBS Group AG now owns 7,507 shares of the company’s stock worth $31,000 after purchasing an additional 7,007 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Rhythm Pharmaceuticals by 95.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the first quarter valued at approximately $39,000. AJOVista LLC acquired a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $42,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Rhythm Pharmaceuticals by 253.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company’s stock valued at $52,000 after purchasing an additional 1,620 shares in the last quarter.

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.