Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $110.00 Price Target at Oppenheimer

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price target hoisted by investment analysts at Oppenheimer from $76.00 to $110.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price would indicate a potential upside of 24.02% from the stock's previous close.

Other research analysts also recently issued research reports about the company. Needham & Company LLC lifted their price target on Rhythm Pharmaceuticals from $72.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday. JMP Securities reiterated a "market outperform" rating and set a $84.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, June 26th. Stifel Nicolaus boosted their target price on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. The Goldman Sachs Group assumed coverage on Rhythm Pharmaceuticals in a research note on Thursday. They set a "buy" rating and a $97.00 price target for the company. Finally, Leerink Partners assumed coverage on Rhythm Pharmaceuticals in a research note on Monday. They set an "outperform" rating and a $88.00 price target for the company. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $89.36.

Rhythm Pharmaceuticals Trading Down 0.3%

Shares of NASDAQ RYTM traded down $0.31 during mid-day trading on Thursday, reaching $88.70. The company had a trading volume of 1,916,646 shares, compared to its average volume of 583,348. The stock has a market cap of $5.64 billion, a PE ratio of -31.47 and a beta of 2.26. The company has a 50-day moving average price of $63.38 and a two-hundred day moving average price of $58.83. Rhythm Pharmaceuticals has a 1-year low of $40.61 and a 1-year high of $94.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its quarterly 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). Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The business had revenue of $37.72 million for the quarter, compared to analysts' expectations of $40.43 million. During the same quarter in the prior year, the firm posted ($2.35) EPS. The business's quarterly revenue was up 25.9% compared to the same quarter last year. On average, research analysts expect that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Alastair Garfield sold 1,319 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total value of $85,484.39. Following the completion of the sale, the insider directly owned 3,126 shares in the company, valued at $202,596.06. This represents a 29.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Paul German sold 2,069 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.19, for a total value of $139,016.11. Following the completion of the sale, the chief accounting officer owned 1,889 shares of the company's stock, valued at $126,921.91. This trade represents a 52.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,195 shares of company stock worth $1,599,572. 6.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

About Rhythm Pharmaceuticals

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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