Rhythm Pharmaceuticals (NASDAQ:RYTM) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research note issued to investors on Thursday,Benzinga reports. Needham & Company LLC currently has a $64.00 target price on the stock.

RYTM has been the topic of a number of other research reports. TD Cowen lifted their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Jefferies Financial Group began coverage on Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They issued a “buy” rating and a $80.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Oppenheimer began coverage on Rhythm Pharmaceuticals in a research report on Friday, December 20th. They issued an “outperform” rating and a $76.00 price objective on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.18.

Rhythm Pharmaceuticals Trading Down 0.6 %

Shares of Rhythm Pharmaceuticals stock opened at $53.00 on Thursday. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The stock has a market capitalization of $3.26 billion, a P/E ratio of -12.24 and a beta of 2.14. The business’s fifty day moving average price is $56.98 and its 200 day moving average price is $54.21.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $41.83 million during the quarter, compared to analyst estimates of $38.48 million. As a group, sell-side analysts predict that Rhythm Pharmaceuticals will post -4.32 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 1,281 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the completion of the transaction, the insider now directly owns 2,657 shares in the company, valued at approximately $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Hunter C. Smith sold 1,678 shares of Rhythm Pharmaceuticals stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $99,723.54. Following the completion of the transaction, the chief financial officer now owns 101,186 shares of the company’s stock, valued at $6,013,483.98. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RYTM. Creative Planning acquired a new position in Rhythm Pharmaceuticals in the third quarter worth about $450,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Rhythm Pharmaceuticals by 19.5% in the third quarter. Harbor Capital Advisors Inc. now owns 41,368 shares of the company’s stock valued at $2,167,000 after acquiring an additional 6,741 shares during the period. Principal Financial Group Inc. boosted its stake in Rhythm Pharmaceuticals by 241.9% in the third quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after acquiring an additional 23,054 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Rhythm Pharmaceuticals by 158.0% in the third quarter. Victory Capital Management Inc. now owns 18,186 shares of the company’s stock valued at $953,000 after acquiring an additional 11,137 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.