Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Receives $55.83 Consensus Price Target from Analysts

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $55.83.

Separately, Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 7th.

Rhythm Pharmaceuticals Trading Down 0.2 %

Shares of RYTM opened at $49.52 on Tuesday. Rhythm Pharmaceuticals has a twelve month low of $20.97 and a twelve month high of $53.92. The firm has a market capitalization of $3.03 billion, a P/E ratio of -10.70 and a beta of 2.07. The firm’s 50-day moving average is $47.57 and its two-hundred day moving average is $42.86.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.55) 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 quarter in the previous year, the company earned ($0.82) EPS. The company’s quarterly revenue was up 51.3% on a year-over-year basis. Analysts predict that Rhythm Pharmaceuticals will post -4.44 EPS for the current year.

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 17,501 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the completion of the transaction, the director now owns 3,000 shares of the company’s stock, valued at $148,950. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Lynn A. Tetrault sold 17,501 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $49.65, for a total transaction of $868,924.65. Following the sale, the director now owns 3,000 shares of the company’s stock, valued at $148,950. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 4,099 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total transaction of $205,072.97. Following the completion of the transaction, the insider now directly owns 13,500 shares of the company’s stock, valued at approximately $675,405. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,282 shares of company stock valued at $4,550,639. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RYTM. Perceptive Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 5.4% in the 2nd quarter. Perceptive Advisors LLC now owns 3,446,579 shares of the company’s stock valued at $141,517,000 after acquiring an additional 178,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Rhythm Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after purchasing an additional 77,208 shares during the period. Frazier Life Sciences Management L.P. increased its stake in Rhythm Pharmaceuticals by 8.3% in the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after purchasing an additional 181,125 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Rhythm Pharmaceuticals by 38.2% during the second quarter. Driehaus Capital Management LLC now owns 1,182,370 shares of the company’s stock worth $48,548,000 after buying an additional 326,865 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Rhythm Pharmaceuticals by 381.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 730,643 shares of the company’s stock worth $31,659,000 after buying an additional 578,800 shares during 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.