Needham & Company LLC Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price hoisted by Needham & Company LLC from $55.00 to $64.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on RYTM. HC Wainwright reissued a “buy” rating and issued a $64.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Friday, October 25th. Bank of America lifted their target price on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. Finally, Guggenheim began coverage on shares of Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective on the stock. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.80.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM stock opened at $62.65 on Wednesday. Rhythm Pharmaceuticals has a one year low of $23.83 and a one year high of $64.73. The company has a market cap of $3.83 billion, a P/E ratio of -14.37 and a beta of 2.09. The firm has a 50-day moving average of $50.25 and a 200-day moving average of $45.46.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted 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 254.88% and a negative return on equity of 221.65%. The firm had revenue of $33.20 million for the quarter, compared to analysts’ expectations of $32.52 million. During the same quarter last year, the firm earned ($0.76) EPS. The company’s quarterly revenue was up 47.6% compared to the same quarter last year. As a group, research analysts expect that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 3,200 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the sale, the insider now owns 13,500 shares in the company, valued at $675,135. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Pamela J. Cramer sold 3,200 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $160,032.00. Following the sale, the insider now directly owns 13,500 shares in the company, valued at $675,135. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pamela J. Cramer sold 49,006 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the transaction, the insider now owns 13,500 shares of the company’s stock, valued at $609,525. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,857 shares of company stock valued at $5,325,446. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. CWM LLC raised its stake in Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at $51,000. ORG Wealth Partners LLC purchased a new stake in Rhythm Pharmaceuticals during the third quarter valued at about $63,000. Quest Partners LLC lifted its position in Rhythm Pharmaceuticals by 513.3% in the 2nd quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after buying an additional 1,391 shares during the last quarter. Finally, 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 worth $114,000 after buying an additional 391 shares in the last quarter.

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.