Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $135.00 Price Target at JMP Securities

Key Points

• JMP Securities has raised its price target for Rhythm Pharmaceuticals from $130.00 to $135.00, indicating a potential upside of 49.89% based on the stock's current price.
• The stock currently has an average rating of "Buy" with a consensus target price of $100.14, backed by contributions from several analysts upgrading their ratings recently.
• Rhythm Pharmaceuticals reported a 66.8% year-over-year revenue growth of $48.50 million in its last earnings report, despite reporting a loss per share that missed consensus estimates.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target raised by analysts at JMP Securities from $130.00 to $135.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' price objective suggests a potential upside of 46.31% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. Canaccord Genuity Group boosted their price target on shares of Rhythm Pharmaceuticals from $92.00 to $105.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. The Goldman Sachs Group initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, July 10th. They set a "buy" rating and a $97.00 price objective on the stock. Guggenheim reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, July 10th. Finally, Stifel Nicolaus lifted their price target on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of "Buy" and an average price target of $101.57.

Rhythm Pharmaceuticals Trading Down 0.2%

RYTM traded down $0.21 during trading on Wednesday, hitting $92.27. 85,467 shares of the company traded hands, compared to its average volume of 667,731. The company has a market cap of $5.87 billion, a PE ratio of -30.56 and a beta of 2.38. The stock's 50-day simple moving average is $74.76 and its two-hundred day simple moving average is $63.44. Rhythm Pharmaceuticals has a 1 year low of $43.57 and a 1 year high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $48.50 million for the quarter, compared to analysts' expectations of $43.72 million. Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The company's revenue for the quarter was up 66.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.55) EPS. Equities analysts expect that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insiders Place Their Bets

In other news, insider Pamela J. Cramer sold 15,572 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the completion of the sale, the insider owned 19,209 shares of the company's stock, valued at approximately $1,481,590.17. The trade was a 44.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alastair Garfield sold 1,319 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $64.81, for a total value of $85,484.39. Following the completion of the sale, the insider owned 3,126 shares of the company's stock, valued at $202,596.06. The trade was a 29.67% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,417 shares of company stock worth $6,352,511. 6.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in Rhythm Pharmaceuticals by 1.0% in the first quarter. Victory Capital Management Inc. now owns 17,326 shares of the company's stock worth $918,000 after acquiring an additional 174 shares during the period. Xponance Inc. raised its holdings in shares of Rhythm Pharmaceuticals by 4.7% in the 1st quarter. Xponance Inc. now owns 4,365 shares of the company's stock valued at $231,000 after purchasing an additional 197 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Rhythm Pharmaceuticals by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 37,156 shares of the company's stock worth $1,968,000 after purchasing an additional 272 shares during the period. GF Fund Management CO. LTD. boosted its stake in shares of Rhythm Pharmaceuticals by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,573 shares of the company's stock valued at $83,000 after purchasing an additional 283 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its stake in shares of Rhythm Pharmaceuticals by 2.3% during the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company's stock valued at $733,000 after purchasing an additional 300 shares in the last quarter.

About Rhythm Pharmaceuticals

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.