Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Buy Rating from Needham & Company LLC

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

Several other equities research analysts also recently issued reports on RYTM. TD Cowen increased their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price target on shares of Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $69.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. Finally, JMP Securities reissued a “market outperform” rating and set a $75.00 target price on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.09.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $53.32 on Thursday. The company has a 50-day moving average of $56.98 and a two-hundred day moving average of $54.21. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of -12.31 and a beta of 2.14. Rhythm Pharmaceuticals has a one year low of $35.17 and a one year high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data 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). The firm had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. Analysts anticipate that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Jennifer Kayden Lee sold 1,815 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $56.39, for a total value of $102,347.85. Following the transaction, the executive vice president now directly owns 3,598 shares of the company’s stock, valued at approximately $202,891.22. This trade represents a 33.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Shulman sold 1,281 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total value of $76,129.83. Following the sale, the insider now directly owns 2,657 shares of the company’s stock, valued at $157,905.51. The trade was a 32.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,787 shares of company stock valued at $1,901,443 over the last three months. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Frazier Life Sciences Management L.P. grew its stake in Rhythm Pharmaceuticals by 1.9% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 2,416,952 shares of the company’s stock valued at $126,624,000 after buying an additional 45,648 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Rhythm Pharmaceuticals by 0.3% during the third quarter. Geode Capital Management LLC now owns 1,256,188 shares of the company’s stock valued at $65,824,000 after acquiring an additional 3,499 shares during the period. Janus Henderson Group PLC grew its position in shares of Rhythm Pharmaceuticals by 103.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,219,554 shares of the company’s stock valued at $68,309,000 after purchasing an additional 621,432 shares during the last quarter. 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 worth $61,176,000 after purchasing an additional 167,700 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Rhythm Pharmaceuticals by 14.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,111,043 shares of the company’s stock worth $58,208,000 after purchasing an additional 143,800 shares during the period.

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.