Needham & Company LLC Reiterates “Buy” Rating for Rhythm Pharmaceuticals (NASDAQ:RYTM)

Needham & Company LLC restated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $55.00 price objective on the stock.

Several other equities research analysts have also recently weighed in on the company. JMP Securities initiated coverage on Rhythm Pharmaceuticals in a report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. Bank of America increased their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Guggenheim initiated coverage on Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $64.00 target price on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.33.

Rhythm Pharmaceuticals Trading Up 2.7 %

Shares of Rhythm Pharmaceuticals stock opened at $49.01 on Wednesday. The firm has a market capitalization of $3.00 billion, a PE ratio of -11.24 and a beta of 2.09. The business’s 50-day moving average price is $49.69 and its 200-day moving average price is $45.02. Rhythm Pharmaceuticals has a 12 month low of $23.26 and a 12 month high of $55.64.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.16. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The business had revenue of $29.08 million for the quarter, compared to analyst estimates of $28.79 million. During the same period last year, the company earned ($0.82) EPS. Rhythm Pharmaceuticals’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, analysts predict that Rhythm Pharmaceuticals will post -4.45 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 49,006 shares of the business’s stock in a transaction that occurred on 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 approximately $609,525. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Pamela J. Cramer sold 49,006 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $45.15, for a total value of $2,212,620.90. Following the transaction, the insider now directly owns 13,500 shares in the company, valued at approximately $609,525. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Pamela J. Cramer sold 3,200 shares of the business’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 $160,032.00. Following the completion of the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $675,135. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,857 shares of company stock worth $5,325,446 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

A number of large investors have recently modified their holdings of RYTM. CWM LLC increased its holdings 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 buying an additional 253 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock valued at $114,000 after acquiring an additional 391 shares in the last quarter. American International Group Inc. boosted its stake in Rhythm Pharmaceuticals by 3.1% in the first quarter. American International Group Inc. now owns 26,318 shares of the company’s stock valued at $1,140,000 after acquiring an additional 781 shares in the last quarter. ORG Partners LLC acquired a new position in Rhythm Pharmaceuticals in the second quarter valued at $51,000. Finally, ORG Wealth Partners LLC acquired a new position in Rhythm Pharmaceuticals in the third quarter valued at $63,000.

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.