Bank of America Increases Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $52.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target hoisted by research analysts at Bank of America from $48.00 to $52.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 3.15% from the company’s current price.

A number of other research analysts have also recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th. HC Wainwright restated a “buy” rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Monday, October 7th. Finally, JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.13.

Rhythm Pharmaceuticals Trading Up 0.3 %

Shares of NASDAQ:RYTM opened at $50.41 on Monday. Rhythm Pharmaceuticals has a 12-month low of $21.34 and a 12-month high of $55.64. The company has a market capitalization of $3.08 billion, a PE ratio of -11.56 and a beta of 2.07. The business has a 50 day moving average of $48.48 and a two-hundred day moving average of $44.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The firm had revenue of $29.08 million for the quarter, compared to the consensus estimate of $28.79 million. During the same period last year, the firm posted ($0.82) earnings per share. The company’s revenue for the quarter was up 51.3% on a year-over-year basis. Equities research analysts predict that Rhythm Pharmaceuticals will post -4.44 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Pamela J. Cramer sold 49,006 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $45.15, for a total transaction of $2,212,620.90. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at $609,525. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Pamela J. Cramer sold 49,006 shares of Rhythm Pharmaceuticals stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $45.15, for a total value of $2,212,620.90. Following the completion of the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $609,525. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jennifer L. Good sold 31,751 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,252 shares of company stock valued at $5,393,885. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RYTM. CWM LLC lifted 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 acquiring an additional 253 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. ORG Wealth Partners LLC bought a new stake in Rhythm Pharmaceuticals in the 3rd quarter valued at $63,000. Quest Partners LLC boosted its holdings in Rhythm Pharmaceuticals by 513.3% during the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock valued at $68,000 after purchasing an additional 1,391 shares in the last quarter. Finally, ZRC Wealth Management LLC raised its stake in Rhythm Pharmaceuticals by 392.8% during the first quarter. ZRC Wealth Management LLC now owns 1,971 shares of the company’s stock worth $85,000 after acquiring an additional 1,571 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.