Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $100.00

Key Points

• HC Wainwright has raised its price target for Rhythm Pharmaceuticals (NASDAQ:RYTM) from $80 to $100, indicating a potential upside of 11.10% from its previous closing price.
• Rhythm Pharmaceuticals reported a quarterly revenue of $48.5 million, exceeding estimates, although it posted a loss of ($0.75) earnings per share, missing the consensus estimate by ($0.09).
• Despite a recent earnings miss, the stock maintains a consensus "Buy" rating, with a range of price targets from various analysts, indicating overall positive sentiment towards the company.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its price target raised by HC Wainwright from $80.00 to $100.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently weighed in on RYTM. Wells Fargo & Company upped their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Canaccord Genuity Group boosted their price target on Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Morgan Stanley boosted their price target on Rhythm Pharmaceuticals from $100.00 to $109.00 and gave the stock an "overweight" rating in a research report on Tuesday. Stifel Nicolaus boosted their price target on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Finally, The Goldman Sachs Group initiated coverage on Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They issued a "buy" rating and a $97.00 price target on the stock. One research analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $101.57.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM traded down $0.50 during mid-day trading on Thursday, reaching $91.98. 819,638 shares of the company's stock traded hands, compared to its average volume of 624,044. Rhythm Pharmaceuticals has a 12-month low of $43.57 and a 12-month high of $94.80. The company has a 50 day moving average price of $75.37 and a 200-day moving average price of $63.68. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -30.56 and a beta of 2.38.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%. The firm had revenue of $48.50 million for the quarter, compared to analysts' expectations of $43.72 million. During the same quarter last year, the company posted ($0.55) EPS. The firm's revenue was up 66.8% on a year-over-year basis. As a group, analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insiders Place Their Bets

In related news, insider Pamela J. Cramer sold 15,572 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total value of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. This represents a 44.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Hunter C. Smith sold 42,120 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total transaction of $3,389,817.60. Following the sale, the chief financial officer owned 116,915 shares of the company's stock, valued at approximately $9,409,319.20. This represents a 26.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 81,417 shares of company stock worth $6,352,511 in the last three months. Corporate insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at $34,000. State of Wyoming bought a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth approximately $61,000. GF Fund Management CO. LTD. purchased a new position in shares of Rhythm Pharmaceuticals in the fourth quarter worth approximately $72,000. CWM LLC boosted its holdings in shares of Rhythm Pharmaceuticals by 92.3% in the first quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after buying an additional 1,240 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Rhythm Pharmaceuticals by 16.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,458 shares of the company's stock valued at $155,000 after buying an additional 342 shares during the period.

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.