Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Stock Has Consensus Price Target of $142.50

Shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) have earned a consensus rating of “Moderate Buy” from the twenty-two brokerages that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eighteen have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $142.50.

A number of research firms have recently weighed in on RYTM. Royal Bank Of Canada increased their price target on Rhythm Pharmaceuticals from $155.00 to $159.00 and gave the stock an “outperform” rating in a report on Thursday, October 8th. JPMorgan Chase & Co. reduced their price objective on shares of Rhythm Pharmaceuticals from $146.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. HC Wainwright lifted their price target on shares of Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 12th. Finally, William Blair initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, October 16th. They issued an “outperform” rating on the stock.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, insider Joseph Shulman sold 5,079 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $119.75, for a total value of $608,210.25. Following the sale, the insider owned 15,915 shares of the company’s stock, valued at $1,905,821.25. The trade was a 24.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Meeker sold 50,000 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $102.67, for a total value of $5,133,500.00. Following the transaction, the chief executive officer owned 239,258 shares in the company, valued at $24,564,618.86. This trade represents a 17.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 258,450 shares of company stock worth $28,796,497 in the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Rhythm Pharmaceuticals by 36.3% during the second quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after acquiring an additional 97 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Rhythm Pharmaceuticals by 9.1% in the third quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock valued at $155,000 after acquiring an additional 136 shares in the last quarter. ProShare Advisors LLC boosted its holdings in Rhythm Pharmaceuticals by 1.9% in the third quarter. ProShare Advisors LLC now owns 9,653 shares of the company’s stock valued at $919,000 after purchasing an additional 177 shares during the period. Cim Investment Management Inc. boosted its holdings in Rhythm Pharmaceuticals by 7.2% in the second quarter. Cim Investment Management Inc. now owns 3,209 shares of the company’s stock valued at $356,000 after purchasing an additional 216 shares during the period. Finally, Inspire Investing LLC boosted its holdings in Rhythm Pharmaceuticals by 7.9% in the third quarter. Inspire Investing LLC now owns 3,688 shares of the company’s stock valued at $351,000 after purchasing an additional 271 shares during the period.

Rhythm Pharmaceuticals Stock Up 1.2%

Shares of NASDAQ:RYTM opened at $93.07 on Friday. Rhythm Pharmaceuticals has a 52-week low of $74.50 and a 52-week high of $122.20. The stock has a market cap of $6.38 billion, a P/E ratio of -29.93 and a beta of 2.01. The business has a fifty day moving average of $97.50 and a two-hundred day moving average of $97.42.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.08. The business had revenue of $71.25 million during the quarter, compared to analysts’ expectations of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.75) EPS. On average, equities analysts anticipate that Rhythm Pharmaceuticals will post -2.77 earnings per share for the current year.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare genetic diseases of obesity and related metabolic disorders. The company’s work is based on the melanocortin-4 receptor (MC4R) pathway, which plays an important role in regulating hunger and energy balance.

Rhythm’s principal product is IMCIVREE (setmelanotide), a targeted therapy designed to restore impaired MC4R pathway signaling. In the United States, IMCIVREE is approved for chronic weight management in adults and children at least 6 years old with obesity caused by certain genetic deficiencies, including POMC, PCSK1, or LEPR deficiency, as well as Bardet-Biedl syndrome.