Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $166.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target increased by Citizens Jmp from $160.00 to $166.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other equities analysts have also issued research reports about the company. HC Wainwright raised their price target on Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Canaccord Genuity Group set a $154.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Leerink Partners began coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, September 14th. They issued an “outperform” rating and a $133.00 price objective for the company. Wolfe Research initiated coverage on shares of Rhythm Pharmaceuticals in a report on Thursday, September 17th. They set an “outperform” rating on the stock. Finally, National Bank Financial set a $160.00 target price on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Eighteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $142.17.

Rhythm Pharmaceuticals Stock Performance

RYTM traded up $7.26 during trading on Wednesday, hitting $112.28. 4,935,421 shares of the stock were exchanged, compared to its average volume of 717,830. The firm has a 50 day simple moving average of $96.15 and a 200 day simple moving average of $97.25. The firm has a market cap of $7.69 billion, a price-to-earnings ratio of -38.72 and a beta of 2.17. Rhythm Pharmaceuticals has a 1 year low of $74.50 and a 1 year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, November 3rd. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.10. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%. The business had revenue of $92.13 million during the quarter, compared to analyst estimates of $85.56 million. During the same period in the previous year, the company posted ($0.82) EPS. Rhythm Pharmaceuticals’s revenue was up 79.6% on a year-over-year basis. As a group, equities analysts anticipate that Rhythm Pharmaceuticals will post -3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Jennifer Lee sold 75,834 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total value of $8,901,394.92. Following the completion of the transaction, the executive vice president directly owned 54,233 shares of the company’s stock, valued at approximately $6,365,869.54. The trade was a 58.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hunter C. Smith sold 62,774 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $105.46, for a total value of $6,620,146.04. Following the sale, the chief financial officer owned 114,024 shares of the company’s stock, valued at $12,024,971.04. This trade represents a 35.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 258,450 shares of company stock worth $28,796,497. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. GAMMA Investing LLC lifted its position in shares of Rhythm Pharmaceuticals by 36.3% during the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after buying an additional 97 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 9.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock worth $155,000 after buying an additional 136 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. ProShare Advisors LLC now owns 9,653 shares of the company’s stock worth $919,000 after buying an additional 177 shares during the last quarter. Cim Investment Management Inc. raised its stake in shares of Rhythm Pharmaceuticals by 7.2% during the 2nd quarter. Cim Investment Management Inc. now owns 3,209 shares of the company’s stock worth $356,000 after acquiring an additional 216 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in shares of Rhythm Pharmaceuticals by 7.9% during the 3rd quarter. Inspire Investing LLC now owns 3,688 shares of the company’s stock worth $351,000 after acquiring an additional 271 shares in the last quarter.

Rhythm Pharmaceuticals News Roundup

Here are the key news stories impacting Rhythm Pharmaceuticals this week:

• Positive Sentiment: Takeover reports lifted shares: News of an additional potential bidder added to earlier reports of a possible AstraZeneca bid valued at roughly $10 billion. The reports are unconfirmed, but the prospect of competing interest may raise expectations for a higher offer. Rhythm Pharmaceuticals gains on report of additional bidder AstraZeneca stock climbs as $10 billion Rhythm bid report surfaces
• Positive Sentiment: Analyst support and sales outlook: Guggenheim raised its price target to $147 from $143 and maintained a Buy rating. RBC also estimated IMCIVREE could reach $2 billion in worldwide sales by 2030, reinforcing the potential for long-term growth. Guggenheim stock recommendations RBC says IMCIVREE could reach $2 billion in worldwide sales by 2030
• Positive Sentiment: Q3 performance showed strong growth: Rhythm reported revenue of $92.1 million, above analyst expectations, with revenue up 79.6% year over year. Continued IMCIVREE growth may strengthen the company’s commercial outlook. IMCIVREE growth drives Q3 update
• Negative Sentiment: Downgrade was a cautionary signal: Another report noted an analyst downgrade, which could temper sentiment, although the shares moved above their 200-day moving average. Shares break above 200-day moving average following analyst downgrade

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.