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

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

RYTM has been the topic of a number of other reports. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an "outperform" rating and a $88.00 target price on the stock. JMP Securities reissued a "market outperform" rating and set a $84.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday, June 26th. Canaccord Genuity Group boosted their target price on Rhythm Pharmaceuticals from $81.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, April 8th. The Goldman Sachs Group initiated coverage on Rhythm Pharmaceuticals in a research note on Thursday. They issued a "buy" rating and a $97.00 target price on the stock. Finally, Guggenheim reiterated a "buy" rating on shares of Rhythm Pharmaceuticals in a research note on Thursday. Fourteen research 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.com, the stock presently has an average rating of "Buy" and an average price target of $91.00.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM traded down $2.34 during midday trading on Thursday, reaching $86.70. The stock had a trading volume of 1,105,173 shares, compared to its average volume of 588,672. Rhythm Pharmaceuticals has a 52 week low of $40.61 and a 52 week high of $94.80. The firm's 50 day moving average price is $64.34 and its 200-day moving average price is $59.27. The company has a market capitalization of $5.52 billion, a P/E ratio of -30.85 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). The firm 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%. The firm's quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($2.35) EPS. On average, equities analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other news, insider Pamela J. Cramer sold 15,572 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.13, for a total value of $1,201,068.36. Following the transaction, the insider directly owned 19,209 shares in the company, valued at $1,481,590.17. This trade represents a 44.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Shulman sold 7,969 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total value of $619,828.82. Following the completion of the transaction, the insider owned 8,509 shares in the company, valued at $661,830.02. This represents a 48.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 93,673 shares of company stock worth $7,118,510. Corporate insiders own 6.10% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

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