Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Cut to $52.00 by Analysts at Wells Fargo & Company

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price decreased by stock analysts at Wells Fargo & Company from $53.00 to $52.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 35.24% from the stock’s current price.

Several other analysts have also recently weighed in on RYTM. The Goldman Sachs Group boosted their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, April 10th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $47.20.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $38.45 on Thursday. The company has a market capitalization of $2.31 billion, a P/E ratio of -12.02 and a beta of 1.90. Rhythm Pharmaceuticals has a one year low of $15.50 and a one year high of $52.57. The business’s 50 day simple moving average is $43.17 and its 200-day simple moving average is $38.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, meeting the consensus estimate of ($0.70). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The business had revenue of $24.23 million for the quarter, compared to analysts’ expectations of $25.38 million. During the same period in the prior year, the firm earned ($0.75) earnings per share. Rhythm Pharmaceuticals’s revenue was up 175.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.05 EPS for the current fiscal year.

Insider Activity

In related news, insider Joseph Shulman sold 18,235 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total value of $735,599.90. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,210.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Hunter C. Smith sold 1,209 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $62,118.42. Following the completion of the transaction, the chief financial officer now directly owns 80,413 shares of the company’s stock, valued at approximately $4,131,619.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Shulman sold 18,235 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total transaction of $735,599.90. Following the completion of the sale, the insider now owns 30 shares in the company, valued at $1,210.20. The disclosure for this sale can be found here. Insiders sold 172,069 shares of company stock worth $7,626,355 over the last quarter. 4.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its holdings in shares of Rhythm Pharmaceuticals by 1,145.9% in the 3rd quarter. State Street Corp now owns 3,127,905 shares of the company’s stock valued at $76,634,000 after acquiring an additional 2,876,846 shares in the last quarter. BlackRock Inc. boosted its position in Rhythm Pharmaceuticals by 65.7% during the second quarter. BlackRock Inc. now owns 6,265,005 shares of the company’s stock valued at $103,310,000 after purchasing an additional 2,484,406 shares during the last quarter. Federated Hermes Inc. grew its stake in Rhythm Pharmaceuticals by 80.7% in the first quarter. Federated Hermes Inc. now owns 5,065,113 shares of the company’s stock valued at $58,350,000 after purchasing an additional 2,261,778 shares in the last quarter. Perceptive Advisors LLC increased its position in shares of Rhythm Pharmaceuticals by 465.6% during the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after purchasing an additional 1,773,282 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 105.9% during the 2nd quarter. Geode Capital Management LLC now owns 973,350 shares of the company’s stock worth $16,051,000 after purchasing an additional 500,589 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.