Brokerages Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) PT at $55.83

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $55.83.

RYTM has been the topic of a number of research reports. Canaccord Genuity Group dropped their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Bank of America cut Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their target price for the stock from $49.00 to $42.00 in a report on Wednesday, May 8th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $55.00 price target on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 7th.

Insider Activity

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $53.00, for a total transaction of $554,804.00. Following the transaction, the insider now directly owns 30 shares in the company, valued at approximately $1,590. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 10,468 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $53.00, for a total value of $554,804.00. Following the completion of the sale, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,590. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now owns 13,500 shares of the company’s stock, valued at approximately $609,525. The disclosure for this sale can be found here. Insiders have sold 66,182 shares of company stock worth $3,101,567 over the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. Nisa Investment Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 91.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock worth $58,000 after buying an additional 600 shares during the last quarter. Strs Ohio bought a new position in shares of Rhythm Pharmaceuticals during the 4th quarter valued at approximately $137,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rhythm Pharmaceuticals by 4.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,181 shares of the company’s stock worth $422,000 after purchasing an additional 406 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Rhythm Pharmaceuticals by 39.7% in the 4th quarter. Handelsbanken Fonder AB now owns 12,321 shares of the company’s stock worth $566,000 after purchasing an additional 3,500 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in Rhythm Pharmaceuticals by 59.3% in the fourth quarter. New York State Common Retirement Fund now owns 32,874 shares of the company’s stock valued at $1,511,000 after purchasing an additional 12,233 shares during the last quarter.

Rhythm Pharmaceuticals Stock Down 3.2 %

Shares of RYTM stock opened at $45.61 on Friday. The firm has a 50 day moving average of $45.31 and a 200-day moving average of $42.85. The company has a market cap of $2.79 billion, a price-to-earnings ratio of -9.85 and a beta of 2.04. Rhythm Pharmaceuticals has a 52 week low of $20.97 and a 52 week high of $53.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.71) by $0.16. The firm had revenue of $29.08 million during the quarter, compared to the consensus estimate of $28.79 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business’s revenue was up 51.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.82) earnings per share. Analysts anticipate that Rhythm Pharmaceuticals will post -4.4 earnings per share for the current year.

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.