Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Cut to $46.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price objective cut by equities research analysts at Needham & Company LLC from $50.00 to $46.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 16.90% from the company's previous close.

RYTM has been the topic of a number of other reports. Wells Fargo & Company dropped their target price on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Thursday, April 18th. The Goldman Sachs Group upped their target price on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a "buy" rating in a report on Thursday, January 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $46.40.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM traded down $4.53 on Tuesday, hitting $39.35. 1,247,732 shares of the company's stock were exchanged, compared to its average volume of 634,697. The firm has a 50-day moving average price of $40.92 and a 200-day moving average price of $39.74. Rhythm Pharmaceuticals has a 52 week low of $15.50 and a 52 week high of $52.57. The company has a market cap of $2.40 billion, a P/E ratio of -11.92 and a beta of 1.94.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.70) EPS for the quarter, hitting the consensus estimate of ($0.70). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The firm had revenue of $24.23 million for the quarter, compared to analysts' expectations of $25.38 million. During the same period in the previous year, the firm posted ($0.75) EPS. The company's revenue for the quarter was up 175.7% on a year-over-year basis. On average, research analysts expect that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 71,774 shares of the company's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $50.38, for a total value of $3,615,974.12. Following the transaction, the insider now owns 2,686 shares in the company, valued at approximately $135,320.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Yann Mazabraud sold 1,594 shares of the company'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 $81,899.72. Following the transaction, the executive vice president now owns 7,702 shares in the company, valued at approximately $395,728.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph Shulman sold 71,774 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $50.38, for a total transaction of $3,615,974.12. Following the transaction, the insider now owns 2,686 shares in the company, valued at approximately $135,320.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,069 shares of company stock worth $7,626,355. Insiders own 4.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RYTM. Allspring Global Investments Holdings LLC grew its position in shares of Rhythm Pharmaceuticals by 253.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company's stock worth $52,000 after purchasing an additional 1,620 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Rhythm Pharmaceuticals by 89.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 40,146 shares of the company's stock worth $920,000 after purchasing an additional 18,963 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 95.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company's stock worth $33,000 after purchasing an additional 713 shares in the last quarter. Teacher Retirement System of Texas grew its position in shares of Rhythm Pharmaceuticals by 4.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 12,916 shares of the company's stock worth $296,000 after purchasing an additional 600 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter worth approximately $460,000.

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.