Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $155.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target lifted by Royal Bank Of Canada from $141.00 to $155.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

RYTM has been the topic of a number of other research reports. JPMorgan Chase & Co. assumed coverage on Rhythm Pharmaceuticals in a report on Monday, July 27th. They set an “overweight” rating and a $145.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a research report on Monday, June 15th. Stifel Nicolaus set a $133.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, June 15th. Citizens Jmp boosted their price objective on shares of Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a “market outperform” rating in a report on Wednesday. Finally, Canaccord Genuity Group set a $154.00 target price on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $142.44.

Rhythm Pharmaceuticals Stock Up 3.1%

RYTM stock opened at $115.63 on Wednesday. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20. The company has a market cap of $7.92 billion, a P/E ratio of -37.18 and a beta of 1.92. The business’s fifty day moving average is $102.51 and its 200-day moving average is $96.06.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. The business had revenue of $71.25 million during the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The firm’s quarterly revenue was up 46.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.75) earnings per share. Research analysts anticipate that Rhythm Pharmaceuticals will post -2.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the sale, the director owned 7,000 shares of the company’s stock, valued at $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by company insiders.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its position in shares of Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after acquiring an additional 200 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after acquiring an additional 145 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Rhythm Pharmaceuticals by 36.3% in the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock valued at $40,000 after acquiring an additional 97 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Rhythm Pharmaceuticals by 39.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after acquiring an additional 113 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new position in Rhythm Pharmaceuticals during the second quarter valued at approximately $51,000.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.