Bank of America Raises Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $95.00

Rhythm Pharmaceuticals (NASDAQ:RYTM - Free Report) had its price target increased by Bank of America from $73.00 to $95.00 in a research report report published on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research analysts have also weighed in on RYTM. Guggenheim reissued a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Thursday. Leerink Partnrs raised shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research note on Monday, July 7th. JMP Securities reissued a "market outperform" rating and set a $84.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Thursday, June 26th. Stifel Nicolaus lifted their price objective on shares of Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Leerink Partners assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Monday, July 7th. They set an "outperform" rating and a $88.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $91.00.

Rhythm Pharmaceuticals Price Performance

Shares of NASDAQ RYTM traded down $2.34 during mid-day trading on Thursday, hitting $86.70. The company's stock had a trading volume of 1,105,173 shares, compared to its average volume of 588,517. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of -30.85 and a beta of 2.26. Rhythm Pharmaceuticals has a one year low of $40.61 and a one year high of $94.80. The company's fifty day simple moving average is $64.34 and its 200-day simple moving average is $59.31.

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 business had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. Rhythm Pharmaceuticals had a negative net margin of 123.26% and a negative return on equity of 739.62%. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the business posted ($2.35) EPS. On average, sell-side analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Buying and Selling

In other news, CFO Hunter C. Smith sold 42,120 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $80.48, for a total value of $3,389,817.60. Following the completion of the transaction, the chief financial officer owned 116,915 shares in the company, valued at $9,409,319.20. This represents a 26.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Yann Mazabraud sold 6,745 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $65.08, for a total transaction of $438,964.60. Following the completion of the transaction, the executive vice president 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 93,673 shares of company stock valued at $7,118,510. 6.10% of the stock is owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its position in shares of Rhythm Pharmaceuticals by 972.4% in the second quarter. Assenagon Asset Management S.A. now owns 237,998 shares of the company's stock worth $15,039,000 after purchasing an additional 215,806 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Rhythm Pharmaceuticals by 12.0% in the second quarter. Harbor Capital Advisors Inc. now owns 86,546 shares of the company's stock worth $5,469,000 after purchasing an additional 9,249 shares in the last quarter. E. Ohman J or Asset Management AB bought a new stake in shares of Rhythm Pharmaceuticals in the second quarter worth $519,000. Rhumbline Advisers lifted its position in shares of Rhythm Pharmaceuticals by 3.6% in the first quarter. Rhumbline Advisers now owns 85,719 shares of the company's stock worth $4,541,000 after purchasing an additional 2,988 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth $980,000.

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.