Needham & Company LLC Forecasts Strong Price Appreciation for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target upped by analysts at Needham & Company LLC from $64.00 to $66.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 26.10% from the company’s current price.

Several other research firms have also weighed in on RYTM. JMP Securities reiterated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a research note on Monday, December 23rd. Oppenheimer started coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They issued an “outperform” rating and a $76.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 2nd. They set a “buy” rating and a $80.00 price objective on the stock. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a research report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 target price for the company. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $72.00 price target on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.46.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $52.34 on Tuesday. The company has a market capitalization of $3.31 billion, a P/E ratio of -12.09 and a beta of 2.30. The company has a fifty day moving average price of $55.80 and a 200-day moving average price of $54.73. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($0.03). Rhythm Pharmaceuticals had a negative return on equity of 367.36% and a negative net margin of 230.07%. The firm had revenue of $41.83 million for the quarter, compared to the consensus estimate of $38.48 million. As a group, sell-side analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, CEO David P. Meeker sold 4,278 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $254,241.54. Following the transaction, the chief executive officer now directly owns 189,927 shares in the company, valued at approximately $11,287,361.61. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph Shulman sold 1,281 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $59.43, for a total transaction of $76,129.83. Following the completion of the sale, the insider now directly owns 2,657 shares of the company’s stock, valued at $157,905.51. The trade was a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 32,787 shares of company stock valued at $1,901,443. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RYTM. SRS Capital Advisors Inc. lifted its holdings in Rhythm Pharmaceuticals by 740.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock worth $25,000 after acquiring an additional 400 shares during the period. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter worth $37,000. R Squared Ltd purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $44,000. Finally, State of Wyoming bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at about $61,000.

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.