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

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its price target lifted by Oppenheimer from $76.00 to $110.00 in a research note released on Thursday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on RYTM. Bank of America boosted their price objective on shares of Rhythm Pharmaceuticals from $73.00 to $95.00 and gave the company a "buy" rating in a report on Thursday. Needham & Company LLC upped their target price on shares of Rhythm Pharmaceuticals from $72.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday. JMP Securities restated a "market outperform" rating and set a $84.00 target price on shares of Rhythm Pharmaceuticals in a research report on Thursday, June 26th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target (up previously from $70.00) on shares of Rhythm Pharmaceuticals in a research note on Tuesday, April 8th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Thursday. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and a consensus price target of $89.36.

Rhythm Pharmaceuticals Stock Down 0.7%

Rhythm Pharmaceuticals stock traded down $0.62 during trading hours on Thursday, hitting $88.42. The stock had a trading volume of 81,421 shares, compared to its average volume of 584,807. The stock has a market capitalization of $5.63 billion, a P/E ratio of -31.47 and a beta of 2.26. Rhythm Pharmaceuticals has a 12-month low of $40.61 and a 12-month high of $94.80. The stock's 50-day moving average price is $63.88 and its 200-day moving average price is $59.06.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.81) earnings per share (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 analysts' expectations of $40.43 million. Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The firm's quarterly revenue was up 25.9% on a year-over-year basis. During the same period last year, the firm posted ($2.35) earnings per share. On average, research analysts expect that Rhythm Pharmaceuticals will post -4.32 EPS for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, EVP Yann Mazabraud sold 6,745 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total value of $438,964.60. Following the completion of the transaction, the executive vice president directly owned 37,655 shares of the company's stock, valued at $2,450,587.40. This trade represents a 15.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Alastair Garfield sold 1,319 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $64.81, for a total transaction of $85,484.39. Following the transaction, the insider directly owned 3,126 shares of the company's stock, valued at $202,596.06. This represents a 29.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,195 shares of company stock valued at $1,599,572. Company insiders own 6.10% of the company's stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in Rhythm Pharmaceuticals by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 440,250 shares of the company's stock valued at $24,645,000 after acquiring an additional 6,384 shares during the period. Raymond James Financial Inc. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth $218,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth $341,000. Swiss National Bank boosted its stake in Rhythm Pharmaceuticals by 1.0% during the 4th quarter. Swiss National Bank now owns 90,200 shares of the company's stock worth $5,049,000 after purchasing an additional 900 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new stake in Rhythm Pharmaceuticals during the 4th quarter worth $287,000.

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.