Rhythm Pharmaceuticals’ (RYTM) “Buy” Rating Reaffirmed at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $64.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 20.03% from the company’s previous close.

A number of other brokerages have also recently issued reports on RYTM. Jefferies Financial Group assumed coverage on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective for the company. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Rhythm Pharmaceuticals in a research note on Tuesday, November 19th. Oppenheimer initiated coverage on Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $69.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Finally, TD Cowen upped their price target on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $68.09.

Rhythm Pharmaceuticals Stock Performance

NASDAQ:RYTM opened at $53.32 on Thursday. The firm’s 50-day moving average is $56.98 and its 200-day moving average is $54.21. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The company has a market cap of $3.28 billion, a price-to-earnings ratio of -12.31 and a beta of 2.14.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Equities analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Activity

In related news, CAO Christopher Paul German sold 635 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $57.22, for a total transaction of $36,334.70. Following the completion of the sale, the chief accounting officer now directly owns 2,070 shares of the company’s stock, valued at $118,445.40. The trade was a 23.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Hunter C. Smith sold 1,678 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $99,723.54. Following the completion of the transaction, the chief financial officer now directly owns 101,186 shares in the company, valued at approximately $6,013,483.98. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,787 shares of company stock valued at $1,901,443. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SRS Capital Advisors Inc. boosted its holdings in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after buying an additional 400 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of Rhythm Pharmaceuticals in the 4th quarter valued at approximately $37,000. R Squared Ltd bought a new position in Rhythm Pharmaceuticals during the 4th quarter worth approximately $44,000. Finally, State of Wyoming acquired a new position in Rhythm Pharmaceuticals during the fourth quarter valued at approximately $61,000.

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.