Rhythm Pharmaceuticals (NASDAQ:RYTM) Receives "Buy" Rating from Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have a $95.00 price target on the stock, up from their prior price target of $72.00. Needham & Company LLC's price target would indicate a potential upside of 9.57% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. Bank of America upgraded shares of Rhythm Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $63.00 price target on the stock in a research report on Monday, April 7th. JMP Securities restated a "market outperform" rating and set a $84.00 price target on shares of Rhythm Pharmaceuticals in a research report on Thursday, June 26th. Leerink Partners assumed coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, July 7th. They set an "outperform" rating and a $88.00 price target on the stock. Leerink Partnrs upgraded shares of Rhythm Pharmaceuticals to a "strong-buy" rating in a research report on Monday, July 7th. Finally, HC Wainwright restated a "buy" rating and set a $80.00 price target (up from $70.00) on shares of Rhythm Pharmaceuticals in a research report on Tuesday, April 8th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals presently has an average rating of "Buy" and a consensus target price of $91.00.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock traded down $2.34 on Wednesday, reaching $86.70. 1,105,173 shares of the company were exchanged, compared to its average volume of 588,672. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -30.85 and a beta of 2.26. The business has a 50-day moving average price of $64.34 and a 200 day moving average price of $59.27. Rhythm Pharmaceuticals has a 1 year low of $40.61 and a 1 year high of $94.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) last released its 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). The company had revenue of $37.72 million for 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 revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($2.35) EPS. As a group, equities analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 15,572 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $77.13, for a total transaction of $1,201,068.36. Following the sale, the insider directly owned 19,209 shares of the company's stock, valued at $1,481,590.17. This represents a 44.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph Shulman sold 7,969 shares of the company's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $77.78, for a total transaction of $619,828.82. Following the sale, the insider directly owned 8,509 shares in the company, valued at approximately $661,830.02. The trade was a 48.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 93,673 shares of company stock worth $7,118,510. 6.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Rhythm Pharmaceuticals during the 1st quarter worth approximately $34,000. SBI Securities Co. Ltd. purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $37,000. State of Wyoming purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $61,000. GF Fund Management CO. LTD. purchased a new stake in Rhythm Pharmaceuticals during the 4th quarter worth approximately $72,000. Finally, CWM LLC increased its stake in Rhythm Pharmaceuticals by 92.3% during the 1st quarter. CWM LLC now owns 2,584 shares of the company's stock worth $137,000 after buying an additional 1,240 shares during the period.

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.