Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Lowered to $140.00 at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price decreased by stock analysts at Canaccord Genuity Group from $141.00 to $140.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 49.49% from the company’s current price.

RYTM has been the subject of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, January 22nd. Citizens Jmp lifted their price target on Rhythm Pharmaceuticals from $167.00 to $176.00 and gave the stock a “market outperform” rating in a research note on Friday. HC Wainwright cut their target price on shares of Rhythm Pharmaceuticals from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Monday. Royal Bank Of Canada started coverage on shares of Rhythm Pharmaceuticals in a report on Wednesday, February 18th. They set an “outperform” rating and a $145.00 price target for the company. Finally, TD Cowen reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $132.57.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM traded up $0.92 on Monday, reaching $93.65. 639,900 shares of the company’s stock traded hands, compared to its average volume of 676,061. Rhythm Pharmaceuticals has a 12 month low of $45.90 and a 12 month high of $122.20. The stock has a 50-day simple moving average of $103.90 and a 200 day simple moving average of $103.58. The stock has a market cap of $6.25 billion, a PE ratio of -30.02 and a beta of 2.00.

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

Insider Buying and Selling

In other news, CFO Hunter C. Smith sold 4,385 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $101.26, for a total value of $444,025.10. Following the completion of the transaction, the chief financial officer owned 110,512 shares of the company’s stock, valued at approximately $11,190,445.12. This represents a 3.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pamela J. Cramer sold 3,350 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $111.00, for a total value of $371,850.00. Following the sale, the insider owned 20,814 shares in the company, valued at $2,310,354. This represents a 13.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,003 shares of company stock worth $2,589,015 in the last quarter. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RYTM. AQR Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 148.2% during the 1st quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock valued at $2,085,000 after buying an additional 23,506 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rhythm Pharmaceuticals by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock worth $1,874,000 after purchasing an additional 2,126 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Rhythm Pharmaceuticals by 3.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,772 shares of the company’s stock valued at $807,000 after purchasing an additional 368 shares during the period. Freestone Capital Holdings LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at about $234,000. Finally, Bank of New York Mellon Corp increased its position in shares of Rhythm Pharmaceuticals by 25.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 184,109 shares of the company’s stock valued at $11,634,000 after purchasing an additional 37,524 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

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.