Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Cut to $79.00 by Analysts at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target decreased by stock analysts at Canaccord Genuity Group from $80.00 to $79.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 102.98% from the stock's previous close.

A number of other research firms have also issued reports on RYTM. Wells Fargo & Company dropped their price target on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research report on Thursday, April 18th. Bank of America lowered Rhythm Pharmaceuticals from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $49.00 to $42.00 in a report on Wednesday. The Goldman Sachs Group upped their price objective 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. Finally, Needham & Company LLC cut their price objective on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a "buy" rating for the company in a research report on Tuesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $54.33.

Rhythm Pharmaceuticals Stock Down 1.1 %

Shares of Rhythm Pharmaceuticals stock traded down $0.43 during mid-day trading on Wednesday, reaching $38.92. 1,191,685 shares of the stock traded hands, compared to its average volume of 640,955. The business has a 50-day moving average of $40.79 and a 200 day moving average of $39.86. The stock has a market capitalization of $2.37 billion, a PE ratio of -11.98 and a beta of 1.94. Rhythm Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing the consensus estimate of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The firm had revenue of $26.00 million during the quarter, compared to analyst estimates of $26.90 million. During the same period in the prior year, the company posted ($0.92) earnings per share. The firm's revenue for the quarter was up 126.1% compared to the same quarter last year. On average, equities research analysts expect that Rhythm Pharmaceuticals will post -4.02 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 1,594 shares of Rhythm Pharmaceuticals stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $81,899.72. Following the completion of the sale, the executive vice president now directly owns 7,702 shares in the company, valued at $395,728.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Rhythm Pharmaceuticals news, EVP Yann Mazabraud sold 1,594 shares of the company's stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Hunter C. Smith sold 1,209 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $62,118.42. Following the completion of the sale, the chief financial officer now directly owns 80,413 shares of the company's stock, valued at $4,131,619.94. The disclosure for this sale can be found here. Insiders have sold 172,069 shares of company stock valued at $7,626,355 over the last 90 days. 4.70% of the stock is owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Rhythm Pharmaceuticals by 253.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company's stock valued at $52,000 after purchasing an additional 1,620 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Rhythm Pharmaceuticals by 89.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 40,146 shares of the company's stock worth $920,000 after acquiring an additional 18,963 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Rhythm Pharmaceuticals by 95.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company's stock valued at $33,000 after acquiring an additional 713 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Rhythm Pharmaceuticals by 4.9% in the third quarter. Teacher Retirement System of Texas now owns 12,916 shares of the company's stock valued at $296,000 after acquiring an additional 600 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Rhythm Pharmaceuticals during the 3rd quarter worth $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.