Brokerages Set Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Target Price at $54.33

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $54.33.

A number of research analysts have recently commented on the company. Bank of America downgraded Rhythm Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $49.00 to $42.00 in a report on Wednesday, May 8th. Wells Fargo & Company dropped their price objective on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, April 18th. Needham & Company LLC dropped their price objective on Rhythm Pharmaceuticals from $50.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday, May 7th. Finally, Canaccord Genuity Group dropped their price target on Rhythm Pharmaceuticals from $80.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 3,984 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $38.47, for a total transaction of $153,264.48. Following the completion of the sale, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,154.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.60% of the stock is owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the business. AJOVista LLC purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $42,000. Nisa Investment Advisors LLC boosted its stake in shares of Rhythm Pharmaceuticals by 91.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,256 shares of the company’s stock valued at $58,000 after buying an additional 600 shares in the last quarter. Quarry LP purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $69,000. ZRC Wealth Management LLC boosted its stake in shares of Rhythm Pharmaceuticals by 392.8% in the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock valued at $85,000 after buying an additional 1,571 shares in the last quarter. Finally, Whittier Trust Co. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at approximately $92,000.

Rhythm Pharmaceuticals Price Performance

RYTM stock opened at $41.06 on Thursday. Rhythm Pharmaceuticals has a 1 year low of $15.50 and a 1 year high of $52.57. The firm has a market capitalization of $2.50 billion, a P/E ratio of -8.87 and a beta of 1.93. The business’s 50-day moving average is $39.72 and its two-hundred day moving average is $42.22.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($2.35) EPS for the quarter, missing analysts’ consensus estimates of ($2.34) by ($0.01). Rhythm Pharmaceuticals had a negative net margin of 297.91% and a negative return on equity of 179.26%. The business had revenue of $26.00 million during the quarter, compared to analysts’ expectations of $26.90 million. During the same quarter in the previous year, the company posted ($0.92) EPS. The company’s revenue was up 126.1% compared to the same quarter last year. On average, analysts expect that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

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.