Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $46.00 Price Target at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price cut by investment analysts at Needham & Company LLC from $50.00 to $46.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 20.61% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Rhythm Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Thursday, April 18th. The Goldman Sachs Group lifted their target price on shares of Rhythm Pharmaceuticals from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Buy” and an average target price of $46.40.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM traded down $5.74 during midday trading on Tuesday, reaching $38.14. 752,904 shares of the stock were exchanged, compared to its average volume of 628,624. The company has a 50 day simple moving average of $40.92 and a 200 day simple moving average of $39.74. The stock has a market capitalization of $2.33 billion, a P/E ratio of -11.94 and a beta of 1.94. Rhythm Pharmaceuticals has a twelve month low of $15.50 and a twelve month high of $52.57.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.70) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.70). The business had revenue of $24.23 million during the quarter, compared to the consensus estimate of $25.38 million. Rhythm Pharmaceuticals had a negative net margin of 238.50% and a negative return on equity of 96.02%. The business’s revenue was up 175.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.75) EPS. On average, research analysts expect 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 18,235 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total value of $735,599.90. Following the completion of the transaction, the insider now owns 30 shares of the company’s stock, valued at approximately $1,210.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Rhythm Pharmaceuticals news, CEO David P. Meeker sold 45,494 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $39.22, for a total value of $1,784,274.68. Following the completion of the transaction, the chief executive officer now owns 174,605 shares of the company’s stock, valued at approximately $6,848,008.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Shulman sold 18,235 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $40.34, for a total transaction of $735,599.90. Following the completion of the transaction, the insider now directly owns 30 shares of the company’s stock, valued at approximately $1,210.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,069 shares of company stock worth $7,626,355. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

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

Rhythm Pharmaceuticals Company Profile

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.