Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $110.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price objective raised by equities researchers at Oppenheimer from $76.00 to $110.00 in a note issued to investors on Thursday, July 10th, Marketbeat reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price would indicate a potential upside of 27.24% from the stock's previous close.

A number of other research firms also recently issued reports on RYTM. Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Guggenheim reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Thursday, July 10th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, April 8th. Canaccord Genuity Group upped their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, April 8th. Finally, Wells Fargo & Company upped their target price on Rhythm Pharmaceuticals from $91.00 to $129.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $91.93.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM traded down $0.82 during mid-day trading on Thursday, hitting $86.45. The company had a trading volume of 402,780 shares, compared to its average volume of 987,929. Rhythm Pharmaceuticals has a fifty-two week low of $40.61 and a fifty-two week high of $94.80. The business's fifty day moving average is $70.04 and its two-hundred day moving average is $61.45. The firm has a market cap of $5.50 billion, a P/E ratio of -30.77 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $37.72 million during the quarter, compared to analyst estimates of $40.43 million. During the same period in the previous year, the company posted ($2.35) EPS. The company's quarterly revenue was up 25.9% compared to the same quarter last year. Equities analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, CAO Christopher Paul German sold 3,817 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $80.75, for a total value of $308,222.75. Following the completion of the transaction, the chief accounting officer owned 922 shares of the company's stock, valued at approximately $74,451.50. This trade represents a 80.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph Shulman sold 7,969 shares of the firm'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 completion of the sale, the insider directly owned 8,509 shares of the company's stock, valued at approximately $661,830.02. The trade was a 48.36% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,673 shares of company stock worth $7,118,510. Insiders own 6.10% of the company's stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. First Trust Advisors LP lifted its position in Rhythm Pharmaceuticals by 67.2% during the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock valued at $6,625,000 after purchasing an additional 47,575 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $521,000. BNP Paribas Financial Markets grew its stake in Rhythm Pharmaceuticals by 491.0% during the 4th quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock valued at $4,772,000 after acquiring an additional 70,824 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Rhythm Pharmaceuticals during the 1st quarter valued at about $1,042,000. Finally, Teacher Retirement System of Texas grew its stake in Rhythm Pharmaceuticals by 18.5% during the 4th quarter. Teacher Retirement System of Texas now owns 13,586 shares of the company's stock valued at $761,000 after acquiring an additional 2,117 shares in the last quarter.

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.