Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $114.00 at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective boosted by stock analysts at Canaccord Genuity Group from $105.00 to $114.00 in a research report 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 16.75% from the company’s previous close.

RYTM has been the subject of a number of other reports. JMP Securities lifted their price target on Rhythm Pharmaceuticals from $135.00 to $142.00 and gave the company a “market outperform” rating in a report on Thursday, September 25th. Morgan Stanley raised their price target on Rhythm Pharmaceuticals from $122.00 to $129.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Citigroup reissued an “outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Thursday, September 25th. Oppenheimer cut shares of Rhythm Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 5th. Finally, Guggenheim boosted their target price on Rhythm Pharmaceuticals from $119.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $113.23.

Rhythm Pharmaceuticals Stock Performance

Rhythm Pharmaceuticals stock traded down $2.65 during trading hours on Monday, hitting $97.65. 453,021 shares of the stock were exchanged, compared to its average volume of 655,293. Rhythm Pharmaceuticals has a 12 month low of $45.90 and a 12 month high of $116.00. The business’s 50-day moving average is $103.00 and its two-hundred day moving average is $85.06. The stock has a market capitalization of $6.52 billion, a P/E ratio of -32.44 and a beta of 2.12.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.10). Rhythm Pharmaceuticals had a negative net margin of 117.13% and a negative return on equity of 1,831.43%. The business had revenue of $51.30 million for the quarter, compared to analyst estimates of $50.71 million. On average, equities analysts predict that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current fiscal year.

Insider Activity at Rhythm Pharmaceuticals

In related news, insider Joseph Shulman sold 9,748 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $115.24, for a total value of $1,123,359.52. Following the completion of the transaction, the insider directly owned 8,509 shares of the company’s stock, valued at approximately $980,577.16. This represents a 53.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christopher Paul German sold 1,500 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $95.00, for a total value of $142,500.00. Following the transaction, the chief accounting officer owned 922 shares of the company’s stock, valued at approximately $87,590. This trade represents a 61.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 60,776 shares of company stock valued at $6,330,653. 6.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently made changes to their positions in RYTM. Rhumbline Advisers boosted its stake in shares of Rhythm Pharmaceuticals by 3.6% during the 1st quarter. Rhumbline Advisers now owns 85,719 shares of the company’s stock worth $4,541,000 after buying an additional 2,988 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Rhythm Pharmaceuticals by 1,386.2% during the first quarter. PNC Financial Services Group Inc. now owns 4,518 shares of the company’s stock valued at $239,000 after purchasing an additional 4,214 shares during the last quarter. Siren L.L.C. bought a new position in Rhythm Pharmaceuticals in the first quarter valued at approximately $14,701,000. Voleon Capital Management LP bought a new position in Rhythm Pharmaceuticals in the first quarter valued at approximately $732,000. Finally, Advisors Asset Management Inc. grew its stake in Rhythm Pharmaceuticals by 44.9% in the first quarter. Advisors Asset Management Inc. now owns 10,250 shares of the company’s stock valued at $543,000 after purchasing an additional 3,176 shares in the last quarter.

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.