Wells Fargo & Company Trims Rhythm Pharmaceuticals (NASDAQ:RYTM) Target Price to $52.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price objective cut by stock analysts at Wells Fargo & Company from $53.00 to $52.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 36.45% from the company's current price.

RYTM has been the topic of several other research reports. The Goldman Sachs Group upped their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a "buy" rating in a research note on Thursday, January 25th. Needham & Company LLC restated a "buy" rating and issued a $50.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, April 10th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $47.20.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM traded down $0.34 during trading hours on Thursday, hitting $38.11. 439,034 shares of the company traded hands, compared to its average volume of 637,169. The business's 50-day moving average is $42.98 and its 200-day moving average is $38.09. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -11.91 and a beta of 1.90. Rhythm Pharmaceuticals has a twelve month low of $15.50 and a twelve month high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.70). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The company had revenue of $24.23 million for the quarter, compared to analysts' expectations of $25.38 million. During the same quarter in the prior year, the business posted ($0.75) EPS. The business's revenue was up 175.7% compared to the same quarter last year. Analysts predict that Rhythm Pharmaceuticals will post -4.05 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Joseph Shulman sold 791 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $51.38, for a total transaction of $40,641.58. Following the transaction, the insider now owns 3,457 shares in the company, valued at $177,620.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Joseph Shulman sold 791 shares of the business's stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $40,641.58. Following the completion of the sale, the insider now owns 3,457 shares of the company's stock, valued at $177,620.66. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Yann Mazabraud sold 1,594 shares of the firm's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $51.38, for a total transaction of $81,899.72. Following the transaction, the executive vice president now directly owns 7,702 shares in the company, valued at $395,728.76. The disclosure for this sale can be found here. Insiders sold a total of 172,069 shares of company stock worth $7,626,355 over the last quarter. Company insiders own 4.70% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RYTM. BlackRock Inc. increased its stake in Rhythm Pharmaceuticals by 65.7% during the 2nd quarter. BlackRock Inc. now owns 6,265,005 shares of the company's stock worth $103,310,000 after acquiring an additional 2,484,406 shares during the period. Federated Hermes Inc. grew its holdings in shares of Rhythm Pharmaceuticals by 80.7% during the 1st quarter. Federated Hermes Inc. now owns 5,065,113 shares of the company's stock worth $58,350,000 after purchasing an additional 2,261,778 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Rhythm Pharmaceuticals by 7.9% in the first quarter. Goldman Sachs Group Inc. now owns 3,339,750 shares of the company's stock worth $38,474,000 after purchasing an additional 243,202 shares during the period. State Street Corp raised its stake in Rhythm Pharmaceuticals by 25.1% in the second quarter. State Street Corp now owns 3,267,425 shares of the company's stock valued at $53,880,000 after purchasing an additional 655,237 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Rhythm Pharmaceuticals by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company's stock worth $148,342,000 after purchasing an additional 212,370 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.