Wells Fargo & Company Lowers Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $52.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target dropped by analysts at Wells Fargo & Company from $53.00 to $52.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 36.81% from the stock’s previous close.

A number of other equities research analysts have also issued reports on RYTM. The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, April 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $47.20.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $38.01 on Thursday. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -11.88 and a beta of 1.90. Rhythm Pharmaceuticals has a 1 year low of $15.50 and a 1 year high of $52.57. The business has a 50 day simple moving average of $42.72 and a 200-day simple moving average of $38.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.70). The business had revenue of $24.23 million during the quarter, compared to analyst estimates of $25.38 million. Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The company’s revenue for the quarter was up 175.7% on a year-over-year basis. During the same period last year, the company earned ($0.75) EPS. As a group, analysts expect that Rhythm Pharmaceuticals will post -4.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 71,774 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $50.38, for a total transaction of $3,615,974.12. Following the transaction, the insider now directly owns 2,686 shares in the company, valued at approximately $135,320.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 15,515 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $608,498.30. Following the transaction, the chief financial officer now directly owns 97,939 shares in the company, valued at approximately $3,841,167.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph Shulman sold 71,774 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $50.38, for a total value of $3,615,974.12. Following the transaction, the insider now owns 2,686 shares in the company, valued at $135,320.68. The disclosure for this sale can be found here. Insiders have sold 172,069 shares of company stock worth $7,626,355 in the last ninety days. 4.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ZRC Wealth Management LLC increased its holdings in shares of Rhythm Pharmaceuticals by 392.8% in the 1st quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after acquiring an additional 1,571 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 30.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 86,967 shares of the company’s stock valued at $3,768,000 after acquiring an additional 20,259 shares during the period. Vanguard Group Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company’s stock valued at $148,342,000 after acquiring an additional 212,370 shares during the period. Wellington Management Group LLP increased its holdings in shares of Rhythm Pharmaceuticals by 1.7% in the 4th quarter. Wellington Management Group LLP now owns 139,802 shares of the company’s stock valued at $6,427,000 after acquiring an additional 2,359 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter valued at $1,218,000.

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.