Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) had its price objective raised by research analysts at Needham & Company LLC from $72.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price would indicate a potential upside of 11.02% from the stock's previous close.

RYTM has been the topic of a number of other research reports. Leerink Partners started coverage on Rhythm Pharmaceuticals in a research report on Monday. They issued an "outperform" rating and a $88.00 price objective on the stock. JMP Securities reiterated a "market outperform" rating and issued a $84.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Thursday, June 26th. Stifel Nicolaus increased their price objective on Rhythm Pharmaceuticals from $78.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Bank of America upgraded Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price objective on the stock in a research report on Monday, April 7th. Finally, Leerink Partnrs upgraded Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $79.71.

Rhythm Pharmaceuticals Price Performance

Shares of Rhythm Pharmaceuticals stock traded up $20.43 during trading hours on Wednesday, reaching $85.57. The company had a trading volume of 2,538,566 shares, compared to its average volume of 568,708. Rhythm Pharmaceuticals has a one year low of $40.61 and a one year high of $87.57. The business has a fifty day simple moving average of $62.90 and a 200 day simple moving average of $58.62. The firm has a market cap of $5.44 billion, a PE ratio of -30.41 and a beta of 2.26.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.81) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.12). Rhythm Pharmaceuticals had a negative return on equity of 739.62% and a negative net margin of 123.26%. The company had revenue of $37.72 million during the quarter, compared to the consensus estimate of $40.43 million. During the same period in the previous year, the business earned ($2.35) earnings per share. Rhythm Pharmaceuticals's revenue was up 25.9% on a year-over-year basis. On average, research analysts forecast that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Buying and Selling

In other news, EVP Yann Mazabraud sold 6,745 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $65.08, for a total value of $438,964.60. Following the transaction, the executive vice president owned 37,655 shares in the company, valued at approximately $2,450,587.40. The trade was a 15.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christopher Paul German sold 2,069 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.19, for a total value of $139,016.11. Following the completion of the transaction, the chief accounting officer owned 1,889 shares in the company, valued at approximately $126,921.91. This represents a 52.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,195 shares of company stock worth $1,599,572 in the last ninety days. Corporate insiders own 6.10% of the company's stock.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently modified their holdings of the business. First Trust Advisors LP grew its stake in shares of Rhythm Pharmaceuticals by 67.2% in the fourth quarter. First Trust Advisors LP now owns 118,337 shares of the company's stock worth $6,625,000 after purchasing an additional 47,575 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $521,000. SBI Securities Co. Ltd. bought a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter worth about $37,000. BNP Paribas Financial Markets grew its stake in shares of Rhythm Pharmaceuticals by 491.0% in the fourth quarter. BNP Paribas Financial Markets now owns 85,249 shares of the company's stock worth $4,772,000 after purchasing an additional 70,824 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Rhythm Pharmaceuticals in the first quarter worth about $1,042,000.

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.

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