Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $68.09 Consensus Target Price from Brokerages

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) has earned a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $68.09.

RYTM has been the topic of a number of recent research reports. Jefferies Financial Group assumed coverage on Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. The Goldman Sachs Group raised their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They set a “buy” rating and a $70.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Finally, TD Cowen upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 4,688 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $304,720.00. Following the sale, the insider now owns 13,500 shares in the company, valued at $877,500. The trade was a 25.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jennifer Kayden Lee sold 66,861 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.33, for a total value of $4,434,890.13. Following the completion of the transaction, the executive vice president now owns 972 shares of the company’s stock, valued at $64,472.76. This represents a 98.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,830 shares of company stock worth $5,622,000. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in RYTM. Perceptive Advisors LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 5.4% during the second quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock worth $141,517,000 after purchasing an additional 178,000 shares during the period. Frazier Life Sciences Management L.P. raised its position in Rhythm Pharmaceuticals by 1.9% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock worth $126,624,000 after purchasing an additional 45,648 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Rhythm Pharmaceuticals by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock worth $65,824,000 after buying an additional 3,499 shares during the period. Driehaus Capital Management LLC grew its position in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock valued at $48,548,000 after buying an additional 326,865 shares during the last quarter. Finally, Alkeon Capital Management LLC increased its stake in shares of Rhythm Pharmaceuticals by 16.8% in the third quarter. Alkeon Capital Management LLC now owns 1,167,700 shares of the company’s stock valued at $61,176,000 after buying an additional 167,700 shares during the period.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $54.54 on Monday. Rhythm Pharmaceuticals has a 52 week low of $35.17 and a 52 week high of $68.58. The company has a market capitalization of $3.35 billion, a PE ratio of -12.60 and a beta of 2.16. The company’s 50-day simple moving average is $58.00 and its 200 day simple moving average is $52.11.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.07. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. The company had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. During the same period last year, the firm earned ($0.76) earnings per share. The business’s revenue for the quarter was up 47.6% on a year-over-year basis. On average, analysts forecast that Rhythm Pharmaceuticals will post -4.34 EPS for the current year.

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.