Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $80.00 Price Target at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target raised by equities researchers at Canaccord Genuity Group from $77.00 to $80.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 25.20% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Bank of America upped their target price on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Guggenheim started coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price for the company. Needham & Company LLC upped their price target on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday. JMP Securities initiated coverage on shares of Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $64.00 target price on shares of Rhythm Pharmaceuticals in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Rhythm Pharmaceuticals Stock Up 2.0 %

RYTM stock opened at $63.90 on Wednesday. The stock’s 50 day moving average is $50.61 and its two-hundred day moving average is $45.59. Rhythm Pharmaceuticals has a 52-week low of $26.55 and a 52-week high of $65.14. The company has a market capitalization of $3.91 billion, a PE ratio of -14.66 and a beta of 2.09.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The business had revenue of $33.20 million during the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 254.88% and a negative return on equity of 221.65%. The business’s revenue was up 47.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.76) earnings per share. As a group, sell-side analysts anticipate that Rhythm Pharmaceuticals will post -4.45 EPS for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 4,300 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, August 26th. The stock was sold at an average price of $50.01, for a total transaction of $215,043.00. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $150,030. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Lynn A. Tetrault sold 4,300 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $50.01, for a total value of $215,043.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company’s stock, valued at approximately $150,030. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jennifer L. Good sold 31,751 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 in the company, valued at $157,200. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,851 shares of company stock worth $3,112,825. Company insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors have recently modified their holdings of RYTM. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Rhythm Pharmaceuticals by 381.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after acquiring an additional 578,800 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Rhythm Pharmaceuticals by 38.2% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after purchasing an additional 326,865 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Rhythm Pharmaceuticals by 116.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 577,000 shares of the company’s stock worth $25,001,000 after purchasing an additional 310,000 shares during the last quarter. Candriam S.C.A. bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth approximately $11,143,000. Finally, Nisa Investment Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 157.7% during the second quarter. Nisa Investment Advisors LLC now owns 374,347 shares of the company’s stock worth $15,371,000 after buying an additional 229,056 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.