Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $143.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target increased by Citigroup from $142.00 to $143.00 in a research report report published on Wednesday, MarketBeat reports. Citigroup currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on RYTM. Royal Bank Of Canada lifted their price objective on Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday. Citizens Jmp increased their target price on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Wednesday. National Bank Financial set a $160.00 target price on Rhythm Pharmaceuticals in a report on Wednesday. Wall Street Zen raised Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.44.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock opened at $115.63 on Wednesday. The firm has a market cap of $7.92 billion, a P/E ratio of -37.18 and a beta of 1.92. The firm’s 50 day moving average price is $102.51 and its 200-day moving average price is $96.06. Rhythm Pharmaceuticals has a one year low of $74.50 and a one year high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its 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 firm had revenue of $71.25 million during the quarter, compared to the consensus estimate of $67.66 million. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The firm’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.75) EPS. As a group, research analysts predict that Rhythm Pharmaceuticals will post -2.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.32, for a total value of $3,711,840.00. Following the sale, the director directly owned 7,000 shares in the company, valued at $702,240. This trade represents a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. EverSource Wealth Advisors LLC raised its holdings in Rhythm Pharmaceuticals by 303.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company’s stock worth $28,000 after purchasing an additional 200 shares in the last quarter. SBI Securities Co. Ltd. grew its position in shares of Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company’s stock valued at $37,000 after buying an additional 145 shares during the last quarter. GAMMA Investing LLC raised its stake in Rhythm Pharmaceuticals by 36.3% during the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after acquiring an additional 97 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Rhythm Pharmaceuticals by 39.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company’s stock worth $43,000 after acquiring an additional 113 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in Rhythm Pharmaceuticals in the second quarter valued at $51,000.

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.