Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $80.00 Price Target at Canaccord Genuity Group

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target hoisted by equities researchers at Canaccord Genuity Group from $77.00 to $80.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 26.42% from the stock’s current price.

Other analysts also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and issued a $64.00 price target on shares of Rhythm Pharmaceuticals in a research note on Friday, October 25th. Needham & Company LLC lifted their target price on Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday. Guggenheim assumed coverage on Rhythm Pharmaceuticals in a research report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. JMP Securities started coverage on Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 target price on the stock. Finally, Bank of America boosted their price objective on Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $61.80.

Rhythm Pharmaceuticals Trading Up 12.5 %

Shares of NASDAQ:RYTM traded up $7.03 during midday trading on Wednesday, hitting $63.28. The company had a trading volume of 1,493,559 shares, compared to its average volume of 532,946. Rhythm Pharmaceuticals has a 12 month low of $23.83 and a 12 month high of $64.52. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -14.45 and a beta of 2.09. The firm has a fifty day simple moving average of $49.92 and a 200 day simple moving average of $45.34.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.07. The firm had revenue of $33.20 million for the quarter, compared to analyst estimates of $32.52 million. Rhythm Pharmaceuticals had a negative return on equity of 221.65% and a negative net margin of 254.88%. The company’s revenue for the quarter was up 47.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.76) earnings per share. Equities analysts forecast that Rhythm Pharmaceuticals will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $157,200. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Rhythm Pharmaceuticals news, insider Pamela J. Cramer sold 4,099 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $50.03, for a total value of $205,072.97. Following the completion of the sale, the insider now owns 13,500 shares in the company, valued at approximately $675,405. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jennifer L. Good sold 31,751 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $52.40, for a total transaction of $1,663,752.40. Following the completion of the sale, the director now owns 3,000 shares of the company’s stock, valued at approximately $157,200. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,857 shares of company stock valued at $5,325,446. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several large investors have recently modified their holdings of RYTM. Capstone Investment Advisors LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 1st quarter worth approximately $292,000. Swiss National Bank increased its stake in shares of Rhythm Pharmaceuticals by 4.0% during the 1st quarter. Swiss National Bank now owns 93,300 shares of the company’s stock worth $4,043,000 after purchasing an additional 3,600 shares during the last quarter. Sei Investments Co. increased its stake in shares of Rhythm Pharmaceuticals by 85.8% during the 1st quarter. Sei Investments Co. now owns 11,470 shares of the company’s stock worth $497,000 after purchasing an additional 5,296 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Rhythm Pharmaceuticals by 12.4% during the 1st quarter. ProShare Advisors LLC now owns 13,808 shares of the company’s stock worth $598,000 after purchasing an additional 1,527 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Rhythm Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after purchasing an additional 77,208 shares during 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.