Brokerages Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) PT at $75.38

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM - Get Free Report) has received an average recommendation of "Buy" from the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Thirteen investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $75.38.

Several research analysts recently issued reports on the stock. Canaccord Genuity Group upped their price target on shares of Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, April 8th. Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. Morgan Stanley reiterated an "overweight" rating and set a $72.00 price target on shares of Rhythm Pharmaceuticals in a research report on Friday, March 7th. Stifel Nicolaus assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a "buy" rating and a $78.00 price target on the stock. Finally, Needham & Company LLC upped their price target on shares of Rhythm Pharmaceuticals from $66.00 to $72.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th.

Insiders Place Their Bets

In other news, EVP Yann Mazabraud sold 6,745 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the sale, the executive vice president now directly owns 37,655 shares of the company's stock, valued at $2,450,587.40. This represents a 15.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Pamela J. Cramer sold 7,031 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $65.09, for a total value of $457,647.79. Following the completion of the sale, the insider now directly owns 19,209 shares of the company's stock, valued at approximately $1,250,313.81. This trade represents a 26.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 127,630 shares of company stock valued at $7,107,346. 6.10% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. increased its stake in shares of Rhythm Pharmaceuticals by 2.7% in the 1st quarter. Federated Hermes Inc. now owns 1,591,871 shares of the company's stock valued at $84,321,000 after acquiring an additional 42,236 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 12.9% in the 1st quarter. Driehaus Capital Management LLC now owns 1,458,022 shares of the company's stock valued at $77,231,000 after acquiring an additional 167,047 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of Rhythm Pharmaceuticals in the 1st quarter valued at about $71,038,000. Janus Henderson Group PLC increased its stake in Rhythm Pharmaceuticals by 103.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company's stock worth $68,309,000 after purchasing an additional 621,432 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Rhythm Pharmaceuticals by 75.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,199,053 shares of the company's stock worth $63,515,000 after purchasing an additional 513,901 shares in the last quarter.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ:RYTM traded up $0.35 on Friday, hitting $62.36. The stock had a trading volume of 392,045 shares, compared to its average volume of 554,374. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The firm's 50 day moving average price is $58.83 and its 200-day moving average price is $57.71. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -14.40 and a beta of 2.36.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.12). The firm had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The firm's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($2.35) EPS. As a group, sell-side analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

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.