Rhythm Pharmaceuticals (NASDAQ:RYTM) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $64.00 target price on the stock.

A number of other analysts have also recently weighed in on the company. TD Cowen increased their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JMP Securities reissued a “market outperform” rating and set a $75.00 price target on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. The Goldman Sachs Group boosted their target price on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, HC Wainwright restated a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.09.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $58.00 on Wednesday. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58. The company has a 50-day simple moving average of $57.06 and a 200-day simple moving average of $53.86. The firm has a market capitalization of $3.56 billion, a PE ratio of -13.39 and a beta of 2.14.

Insider Activity

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 635 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total value of $36,334.70. Following the transaction, the chief accounting officer now owns 2,070 shares in the company, valued at approximately $118,445.40. The trade was a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Hunter C. Smith sold 1,678 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $99,723.54. Following the sale, the chief financial officer now directly owns 101,186 shares of the company’s stock, valued at approximately $6,013,483.98. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,787 shares of company stock worth $1,901,443. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RYTM. Castleark Management LLC raised its holdings in Rhythm Pharmaceuticals by 1.3% during the 3rd quarter. Castleark Management LLC now owns 19,260 shares of the company’s stock worth $1,009,000 after buying an additional 250 shares during the period. Two Sigma Advisers LP increased its position in shares of Rhythm Pharmaceuticals by 2.3% in the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after acquiring an additional 300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Rhythm Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares during the period. SRS Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 740.7% in the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after acquiring an additional 400 shares in the last quarter. Finally, Raleigh Capital Management Inc. acquired a new position in Rhythm Pharmaceuticals in the 4th quarter worth approximately $28,000.

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.