Rhythm Pharmaceuticals (NASDAQ:RYTM) PT Lowered to $79.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective dropped by investment analysts at Canaccord Genuity Group from $80.00 to $79.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 106.86% from the company’s previous close.

Several other research firms also recently commented on RYTM. The Goldman Sachs Group boosted their target price on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Wells Fargo & Company cut their price objective on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Thursday, April 18th. Needham & Company LLC decreased their target price on shares of Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Bank of America cut shares of Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and cut their price target for the company from $49.00 to $42.00 in a report on Wednesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.33.

Rhythm Pharmaceuticals Trading Down 2.9 %

RYTM traded down $1.16 during trading on Wednesday, reaching $38.19. The stock had a trading volume of 725,631 shares, compared to its average volume of 635,407. Rhythm Pharmaceuticals has a one year low of $15.50 and a one year high of $52.57. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -11.93 and a beta of 1.94. The stock’s 50 day moving average is $40.79 and its two-hundred day moving average is $39.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($2.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The business had revenue of $26.00 million for the quarter, compared to analysts’ expectations of $26.90 million. During the same period last year, the business earned ($0.92) earnings per share. The company’s revenue was up 126.1% on a year-over-year basis. On average, equities research analysts predict that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current year.

Insider Activity

In other Rhythm Pharmaceuticals news, CEO David P. Meeker sold 45,494 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the sale, the chief executive officer now owns 174,605 shares of the company’s stock, valued at approximately $6,848,008.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Yann Mazabraud sold 1,594 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $81,899.72. Following the completion of the sale, the executive vice president now owns 7,702 shares of the company’s stock, valued at approximately $395,728.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David P. Meeker sold 45,494 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total transaction of $1,784,274.68. Following the completion of the transaction, the chief executive officer now owns 174,605 shares in the company, valued at approximately $6,848,008.10. The disclosure for this sale can be found here. Insiders have sold a total of 172,069 shares of company stock valued at $7,626,355 in the last 90 days. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Rhythm Pharmaceuticals by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company’s stock worth $148,342,000 after buying an additional 212,370 shares during the period. Polar Capital Holdings Plc raised its stake in Rhythm Pharmaceuticals by 11.1% during the 3rd quarter. Polar Capital Holdings Plc now owns 2,500,000 shares of the company’s stock worth $57,312,000 after acquiring an additional 250,000 shares during the period. Perceptive Advisors LLC lifted its holdings in Rhythm Pharmaceuticals by 465.6% during the fourth quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock valued at $99,024,000 after purchasing an additional 1,773,282 shares in the last quarter. FMR LLC boosted its position in shares of Rhythm Pharmaceuticals by 23.8% in the third quarter. FMR LLC now owns 868,474 shares of the company’s stock worth $19,910,000 after purchasing an additional 166,940 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Rhythm Pharmaceuticals by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 397,685 shares of the company’s stock worth $18,282,000 after purchasing an additional 12,937 shares in 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.