Needham & Company LLC Trims Rhythm Pharmaceuticals (NASDAQ:RYTM) Target Price to $46.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price trimmed by Needham & Company LLC from $50.00 to $46.00 in a report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. The Goldman Sachs Group boosted their price target on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Wells Fargo & Company dropped their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating on the stock in a research report on Thursday, April 18th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Rhythm Pharmaceuticals has an average rating of Buy and a consensus target price of $46.40.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $39.35 on Tuesday. The firm’s fifty day moving average is $40.79 and its two-hundred day moving average is $39.86. Rhythm Pharmaceuticals has a one year low of $15.50 and a one year high of $52.57. The firm has a market cap of $2.40 billion, a PE ratio of -12.30 and a beta of 1.94.

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

Insider Activity at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 791 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $51.38, for a total transaction of $40,641.58. Following the transaction, the insider now directly owns 3,457 shares in the company, valued at $177,620.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 791 shares of the business’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 sale, the insider now directly owns 3,457 shares in the company, valued at $177,620.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Hunter C. Smith sold 1,209 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $51.38, for a total value of $62,118.42. Following the completion of the transaction, the chief financial officer now owns 80,413 shares of the company’s stock, valued at approximately $4,131,619.94. The disclosure for this sale can be found here. Insiders sold 172,069 shares of company stock worth $7,626,355 over the last 90 days. Company insiders own 4.70% of the company’s stock.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Rhythm Pharmaceuticals by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 3,226,938 shares of the company’s stock valued at $148,342,000 after buying an additional 212,370 shares in the last quarter. Polar Capital Holdings Plc boosted its stake in shares of Rhythm Pharmaceuticals by 11.1% during the third quarter. Polar Capital Holdings Plc now owns 2,500,000 shares of the company’s stock valued at $57,312,000 after acquiring an additional 250,000 shares during the last quarter. Perceptive Advisors LLC increased its position in Rhythm Pharmaceuticals by 465.6% during the 4th quarter. Perceptive Advisors LLC now owns 2,154,110 shares of the company’s stock worth $99,024,000 after purchasing an additional 1,773,282 shares in the last quarter. FMR LLC raised its stake in Rhythm Pharmaceuticals by 23.8% in the 3rd quarter. FMR LLC now owns 868,474 shares of the company’s stock valued at $19,910,000 after purchasing an additional 166,940 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Rhythm Pharmaceuticals by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 397,685 shares of the company’s stock valued at $18,282,000 after purchasing an additional 12,937 shares in 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.