Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $138.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised its price target for Rhythm Pharmaceuticals from $105.00 to $138.00, indicating a potential upside of 43.62% based on the stock's prior closing price.
• Rhythm Pharmaceuticals recently reported quarterly revenue of $48.50 million, surpassing analysts' expectations, but posted an EPS of ($0.75), missing estimates by ($0.09).
• Despite positive analyst ratings, RYTM shares fell by 2.6%, closing at $96.09 amidst significant trading volume.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price objective hoisted by analysts at The Goldman Sachs Group from $105.00 to $138.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 43.62% from the company's previous close.

A number of other brokerages have also issued reports on RYTM. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a report on Monday, July 7th. Oppenheimer raised their price objective on shares of Rhythm Pharmaceuticals from $76.00 to $110.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Bank of America raised 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, July 10th. JMP Securities raised their price objective on shares of Rhythm Pharmaceuticals from $130.00 to $135.00 and gave the company a "market outperform" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $109.00 price objective (up previously from $100.00) on shares of Rhythm Pharmaceuticals in a report on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating and fourteen have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $104.50.

Rhythm Pharmaceuticals Stock Down 2.6%

Shares of RYTM stock traded down $2.61 on Wednesday, reaching $96.09. The company had a trading volume of 347,691 shares, compared to its average volume of 661,053. The stock has a market capitalization of $6.38 billion, a PE ratio of -31.82 and a beta of 2.23. Rhythm Pharmaceuticals has a one year low of $45.90 and a one year high of $106.52. The business's 50-day moving average is $95.50 and its 200 day moving average is $73.28.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.09). The company had revenue of $48.50 million during the quarter, compared to the consensus estimate of $43.72 million. Rhythm Pharmaceuticals had a negative return on equity of 1,831.43% and a negative net margin of 117.13%.The firm's revenue was up 66.8% compared to the same quarter last year. During the same period last year, the company posted ($0.55) EPS. On average, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 4,188 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $100.07, for a total value of $419,093.16. Following the completion of the sale, the insider owned 8,509 shares of the company's stock, valued at approximately $851,495.63. This trade represents a 32.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Paul German sold 1,500 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $95.00, for a total value of $142,500.00. Following the transaction, the chief accounting officer owned 922 shares in the company, valued at approximately $87,590. This trade represents a 61.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,077 shares of company stock worth $9,360,077. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. grew its holdings in Rhythm Pharmaceuticals by 27.4% during the 4th quarter. Ameriprise Financial Inc. now owns 53,367 shares of the company's stock valued at $2,987,000 after buying an additional 11,480 shares in the last quarter. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals during the fourth quarter worth about $61,000. Two Sigma Advisers LP grew its holdings in shares of Rhythm Pharmaceuticals by 2.3% during the fourth quarter. Two Sigma Advisers LP now owns 13,100 shares of the company's stock worth $733,000 after purchasing an additional 300 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Rhythm Pharmaceuticals in the 4th quarter worth approximately $4,259,000. Finally, GAMMA Investing LLC lifted its position in Rhythm Pharmaceuticals by 7,305.5% in the 1st quarter. GAMMA Investing LLC now owns 14,885 shares of the company's stock worth $788,000 after buying an additional 14,684 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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