Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $64.00 Price Target at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective lifted by equities researchers at Needham & Company LLC from $55.00 to $64.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 13.78% from the company’s current price.

RYTM has been the subject of several other reports. Bank of America upped their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Finally, Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 price target for the company. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.33.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM opened at $56.25 on Wednesday. The company has a market capitalization of $3.44 billion, a P/E ratio of -12.90 and a beta of 2.09. Rhythm Pharmaceuticals has a 12 month low of $23.83 and a 12 month high of $56.58. The company’s 50 day simple moving average is $49.92 and its 200 day simple moving average is $45.34.

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

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction on Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now owns 13,500 shares in the company, valued at $609,525. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $49.65, for a total value of $868,924.65. Following the sale, the director now owns 3,000 shares in the company, valued at approximately $148,950. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Pamela J. Cramer sold 49,006 shares of the company’s 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 transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at $609,525. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,857 shares of company stock worth $5,325,446 over the last 90 days. Insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the company. CWM LLC lifted its stake in Rhythm Pharmaceuticals by 62.6% during the second quarter. CWM LLC now owns 657 shares of the company’s stock worth $27,000 after purchasing an additional 253 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rhythm Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after buying an additional 391 shares in the last quarter. American International Group Inc. grew its position in Rhythm Pharmaceuticals by 3.1% in the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after acquiring an additional 781 shares during the period. ORG Partners LLC acquired a new position in Rhythm Pharmaceuticals during the second quarter worth $51,000. Finally, ORG Wealth Partners LLC bought a new position in shares of Rhythm Pharmaceuticals during the third quarter valued at $63,000.

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.