Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $139.00 Price Target at Bank of America

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

Other research analysts have also issued reports about the stock. Stifel Nicolaus set a $131.00 target price on shares of Rhythm Pharmaceuticals in a research note on Thursday, February 26th. TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, December 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Thursday, January 22nd. Citigroup restated an “outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, December 12th. Finally, 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 report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $134.50.

Rhythm Pharmaceuticals Stock Performance

Shares of RYTM stock 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 stock has a 50 day simple moving average of $100.00 and a two-hundred day simple moving average of $102.91. The company 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 posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.06. The firm had revenue of $57.25 million for the quarter, compared to analysts’ expectations of $56.16 million. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The company’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.72) EPS. On average, research analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 4,385 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $101.26, for a total transaction of $444,025.10. Following the transaction, the chief financial officer directly owned 110,512 shares in the company, valued at approximately $11,190,445.12. The trade was a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christopher Paul German sold 5,614 shares of the company’s 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 sale, the chief accounting officer directly owned 160 shares of the company’s stock, valued at $14,329.60. The trade was a 97.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 27,267 shares of company stock valued at $2,719,955. Company insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

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