Bank of America Cuts Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $139.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price lowered by investment analysts at Bank of America from $145.00 to $139.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 53.57% from the company’s current price.

A number of other equities research analysts have also recently commented on RYTM. Stifel Nicolaus set a $131.00 price target on shares of Rhythm Pharmaceuticals in a report on Thursday, February 26th. Jefferies Financial Group reissued a “buy” rating and set a $125.00 price objective on shares of Rhythm Pharmaceuticals in a report on Tuesday, March 3rd. Guggenheim raised their target price on Rhythm Pharmaceuticals from $140.00 to $143.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Wells Fargo & Company boosted their target price on Rhythm Pharmaceuticals from $136.00 to $143.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, The Goldman Sachs Group upped their price target on Rhythm Pharmaceuticals from $141.00 to $157.00 and gave the company a “buy” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.50.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $90.51 on Tuesday. Rhythm Pharmaceuticals has a fifty-two week low of $45.90 and a fifty-two week high of $122.20. The firm has a 50-day moving average of $100.00 and a 200 day moving average of $102.91. The firm has a market cap of $6.18 billion, a P/E ratio of -29.10 and a beta of 2.06.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.06. The business had revenue of $57.25 million for the quarter, compared to analyst estimates of $56.16 million. Rhythm Pharmaceuticals had a negative net margin of 103.57% and a negative return on equity of 266.56%. The company’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.72) earnings per share. Equities research analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In other Rhythm Pharmaceuticals news, CAO Christopher Paul German sold 5,614 shares of Rhythm Pharmaceuticals stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $89.56, for a total transaction of $502,789.84. Following the completion of the transaction, the chief accounting officer owned 160 shares of the company’s stock, valued at $14,329.60. The trade was a 97.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Hunter C. Smith sold 4,385 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the sale, the chief financial officer owned 110,512 shares in the company, valued at approximately $11,190,445.12. This represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,267 shares of company stock worth $2,719,955 in the last three months. 6.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently bought and sold shares of RYTM. EverSource Wealth Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 303.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after acquiring an additional 200 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Rhythm Pharmaceuticals by 97.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 286 shares of the company’s stock valued at $29,000 after purchasing an additional 141 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 73.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after purchasing an additional 145 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 1,110.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 351 shares of the company’s stock valued at $35,000 after purchasing an additional 322 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Rhythm Pharmaceuticals by 48.6% in the fourth quarter. GAMMA Investing LLC now owns 361 shares of the company’s stock worth $39,000 after buying an additional 118 shares in the last quarter.

About Rhythm Pharmaceuticals

Rhythm Pharmaceuticals, Inc is a clinical‐stage biotechnology company dedicated to developing targeted therapies for rare genetic diseases of obesity and metabolic dysfunction. The company’s research focuses on the melanocortin‐4 receptor (MC4R) pathway, which plays a central role in regulating appetite, energy expenditure and body weight. Using proprietary peptide technology, Rhythm aims to provide precision treatments to patients with specific genetic variants that disrupt normal weight regulation.

The company’s lead investigational product, setmelanotide, is a selective MC4R agonist designed to restore signaling in patients with deficiencies in genes such as POMC, LEPR and PCSK1.