Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $105.00 Price Target at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target lifted by research analysts at Canaccord Genuity Group from $92.00 to $105.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price points to a potential upside of 15.18% from the company's current price.

Several other equities research analysts have also recently weighed in on RYTM. Stifel Nicolaus increased their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Oppenheimer set a $110.00 price objective on Rhythm Pharmaceuticals and gave the stock an "outperform" rating in a report on Thursday, July 10th. Morgan Stanley set a $95.00 target price on Rhythm Pharmaceuticals and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company raised their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $91.93.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM traded up $0.48 during trading on Friday, reaching $91.16. The company's stock had a trading volume of 91,835 shares, compared to its average volume of 679,360. The stock has a market capitalization of $5.80 billion, a PE ratio of -32.44 and a beta of 2.26. The firm has a fifty day moving average of $66.50 and a 200 day moving average of $60.21. Rhythm Pharmaceuticals has a one year low of $40.61 and a one year high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). The business had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. Rhythm Pharmaceuticals's revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($2.35) earnings per share. Research analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Joseph Shulman sold 7,969 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total transaction of $619,828.82. Following the transaction, the insider directly owned 8,509 shares of the company's stock, valued at $661,830.02. This represents a 48.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Yann Mazabraud sold 6,745 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total value of $438,964.60. Following the transaction, the executive vice president directly owned 37,655 shares in the company, valued at $2,450,587.40. This represents a 15.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 93,673 shares of company stock valued at $7,118,510. Insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at about $34,000. State of Wyoming acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $61,000. GF Fund Management CO. LTD. acquired a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $72,000. CWM LLC grew its position in shares of Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock valued at $137,000 after acquiring an additional 1,240 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter valued at about $166,000.

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.

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