Rhythm Pharmaceuticals’ (RYTM) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report released on Friday morning, Benzinga reports. They currently have a $50.00 target price on the stock.

A number of other equities analysts also recently commented on RYTM. The Goldman Sachs Group upped their target price on Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a buy rating in a report on Thursday, January 25th. Wells Fargo & Company decreased their target price on Rhythm Pharmaceuticals from $53.00 to $52.00 and set an overweight rating for the company in a report on Thursday, April 18th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $47.20.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $38.28 on Friday. Rhythm Pharmaceuticals has a fifty-two week low of $15.50 and a fifty-two week high of $52.57. The stock has a 50 day moving average price of $41.60 and a two-hundred day moving average price of $38.77. The company has a market capitalization of $2.30 billion, a P/E ratio of -11.96 and a beta of 1.90.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.70) earnings per share for the quarter, meeting the consensus estimate of ($0.70). Rhythm Pharmaceuticals had a negative return on equity of 96.02% and a negative net margin of 238.50%. The firm had revenue of $24.23 million during the quarter, compared to the consensus estimate of $25.38 million. During the same quarter in the previous year, the company posted ($0.75) earnings per share. The business’s revenue was up 175.7% on a year-over-year basis. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David P. Meeker sold 45,494 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $1,784,274.68. Following the sale, the chief executive officer now directly owns 174,605 shares of the company’s stock, valued at $6,848,008.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO David P. Meeker sold 45,494 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $39.22, for a total value of $1,784,274.68. Following the sale, the chief executive officer now directly owns 174,605 shares of the company’s stock, valued at $6,848,008.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Hunter C. Smith sold 1,209 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $51.38, for a total value of $62,118.42. Following the completion of the sale, the chief financial officer now directly owns 80,413 shares in the company, valued at $4,131,619.94. The disclosure for this sale can be found here. Insiders have sold a total of 172,069 shares of company stock valued at $7,626,355 over the last ninety days. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Barclays PLC grew its stake in shares of Rhythm Pharmaceuticals by 85.3% in the third quarter. Barclays PLC now owns 241,261 shares of the company’s stock worth $5,531,000 after acquiring an additional 111,033 shares during the last quarter. Silverarc Capital Management LLC grew its stake in shares of Rhythm Pharmaceuticals by 124.3% in the third quarter. Silverarc Capital Management LLC now owns 260,537 shares of the company’s stock worth $5,973,000 after acquiring an additional 144,369 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Rhythm Pharmaceuticals in the third quarter worth $1,004,000. Charles Schwab Investment Management Inc. grew its stake in shares of Rhythm Pharmaceuticals by 9.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 384,748 shares of the company’s stock worth $8,820,000 after acquiring an additional 34,189 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the third quarter worth $460,000.

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.