Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $92.00 Price Target at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective increased by Canaccord Genuity Group from $81.00 to $92.00 in a research note published on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. Jefferies Financial Group initiated coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. Morgan Stanley restated an “overweight” rating and issued a $72.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Friday, March 7th. Stifel Nicolaus started coverage on shares of Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They set a “buy” rating and a $78.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Rhythm Pharmaceuticals from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Needham & Company LLC upped their price objective on Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $74.92.

Rhythm Pharmaceuticals Price Performance

NASDAQ:RYTM opened at $57.73 on Tuesday. The stock has a market cap of $3.65 billion, a P/E ratio of -13.33 and a beta of 2.32. The company has a fifty day moving average price of $54.57 and a 200 day moving average price of $55.15. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58.

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

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CEO David P. Meeker sold 4,278 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $254,241.54. Following the completion of the transaction, the chief executive officer now directly owns 189,927 shares of the company’s stock, valued at approximately $11,287,361.61. The trade was a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Shulman sold 1,281 shares of the 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 $76,129.83. Following the sale, the insider now directly owns 2,657 shares in the company, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,131 shares of company stock valued at $5,781,098. 5.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RYTM. FMR LLC lifted its stake in shares of Rhythm Pharmaceuticals by 79.7% during the third quarter. FMR LLC now owns 50,295 shares of the company’s stock valued at $2,635,000 after acquiring an additional 22,306 shares during the period. BNP Paribas Financial Markets lifted its position in Rhythm Pharmaceuticals by 307.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,425 shares of the company’s stock valued at $756,000 after purchasing an additional 10,882 shares during the period. Barclays PLC boosted its stake in shares of Rhythm Pharmaceuticals by 79.6% in the 3rd quarter. Barclays PLC now owns 106,397 shares of the company’s stock valued at $5,574,000 after purchasing an additional 47,166 shares during the last quarter. Frazier Life Sciences Management L.P. grew its position in shares of 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 buying an additional 45,648 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 0.3% during the third 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 last quarter.

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.