Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Buy Rating from Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $55.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 15.23% from the stock’s previous close.

RYTM has been the subject of several other reports. Guggenheim began coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 target price for the company. HC Wainwright restated a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Finally, Bank of America increased their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $60.33.

Rhythm Pharmaceuticals Trading Down 3.7 %

NASDAQ:RYTM opened at $47.73 on Wednesday. Rhythm Pharmaceuticals has a 1 year low of $22.41 and a 1 year high of $55.64. The stock has a fifty day moving average price of $49.56 and a two-hundred day moving average price of $44.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The company had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same period in the prior year, the business posted ($0.82) earnings per share. The firm’s revenue for the quarter was up 51.3% compared to the same quarter last year. Equities analysts anticipate that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value 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 $609,525. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Lynn A. Tetrault sold 4,300 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the completion of the sale, the director now owns 3,000 shares in the company, valued at approximately $150,030. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pamela J. Cramer sold 49,006 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the sale, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $609,525. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 109,857 shares of company stock worth $5,325,446. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. CWM LLC increased its holdings in Rhythm Pharmaceuticals by 62.6% in the 2nd quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares in the last quarter. ORG Partners LLC acquired a new position in Rhythm Pharmaceuticals during the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the 3rd quarter worth approximately $63,000. Quest Partners LLC grew its position in Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after acquiring an additional 1,391 shares in the last quarter. Finally, ZRC Wealth Management LLC grew its position in Rhythm Pharmaceuticals by 392.8% in the first 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 in the last quarter.

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.