Rhythm Pharmaceuticals (NASDAQ:RYTM) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report report published on Friday morning, Benzinga reports. They currently have a $50.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group boosted their price objective on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a buy rating in a report on Thursday, January 25th. Wells Fargo & Company dropped their price objective on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating for the company in a report on Thursday, April 18th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $47.20.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $38.28 on Friday. The company has a market cap of $2.30 billion, a P/E ratio of -11.96 and a beta of 1.90. The business’s 50 day moving average price is $41.60 and its 200-day moving average price is $38.77. Rhythm Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.70). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The company had revenue of $24.23 million during the quarter, compared to analysts’ expectations of $25.38 million. During the same quarter in the previous year, the business earned ($0.75) EPS. Rhythm Pharmaceuticals’s revenue was up 175.7% compared to the same quarter last year. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.02 EPS for the current year.

Insiders Place Their Bets

In other Rhythm Pharmaceuticals news, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $62,118.42. Following the completion of the sale, the chief financial officer now directly owns 80,413 shares in the company, valued at approximately $4,131,619.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Joseph Shulman sold 791 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total transaction of $40,641.58. Following the completion of the sale, the insider now directly owns 3,457 shares in the company, valued at approximately $177,620.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $62,118.42. Following the sale, the chief financial officer now owns 80,413 shares of the company’s stock, valued at $4,131,619.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,069 shares of company stock worth $7,626,355. 4.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at about $1,029,000. Handelsbanken Fonder AB acquired a new position in Rhythm Pharmaceuticals during the 3rd quarter valued at about $202,000. Allspring Global Investments Holdings LLC increased its position in Rhythm Pharmaceuticals by 253.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,260 shares of the company’s stock valued at $52,000 after buying an additional 1,620 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Rhythm Pharmaceuticals by 89.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 40,146 shares of the company’s stock valued at $920,000 after buying an additional 18,963 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in Rhythm Pharmaceuticals by 95.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,458 shares of the company’s stock valued at $33,000 after buying an additional 713 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.