Rhythm Pharmaceuticals’ (RYTM) “Buy” Rating Reaffirmed at Needham & Company LLC

Rhythm Pharmaceuticals (NASDAQ:RYTM)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $64.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 11.21% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. HC Wainwright reaffirmed a “buy” rating and set a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, December 23rd. TD Cowen upped their target price on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Oppenheimer initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, December 20th. They set an “outperform” rating and a $76.00 target price on the stock. Finally, The Goldman Sachs Group upped their price target on Rhythm Pharmaceuticals from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $68.09.

Rhythm Pharmaceuticals Stock Up 1.5 %

NASDAQ RYTM opened at $57.55 on Wednesday. Rhythm Pharmaceuticals has a twelve month low of $35.17 and a twelve month high of $68.58. The business’s fifty day moving average is $57.05 and its 200 day moving average is $53.74. The company has a market cap of $3.54 billion, a price-to-earnings ratio of -13.29 and a beta of 2.14.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, CFO Hunter C. Smith sold 1,678 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $99,723.54. Following the transaction, the chief financial officer now directly owns 101,186 shares in the company, valued at approximately $6,013,483.98. The trade was a 1.63 % 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, CEO David P. Meeker sold 4,278 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total transaction of $254,241.54. Following the completion of the sale, the chief executive officer now owns 189,927 shares of the company’s stock, valued at approximately $11,287,361.61. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,778 shares of company stock worth $985,408. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new position in Rhythm Pharmaceuticals in the fourth quarter worth $72,000. Voloridge Investment Management LLC raised its stake in shares of Rhythm Pharmaceuticals by 7.7% during the 4th quarter. Voloridge Investment Management LLC now owns 380,537 shares of the company’s stock worth $21,302,000 after purchasing an additional 27,214 shares during the period. Two Sigma Advisers LP raised its stake in shares of Rhythm Pharmaceuticals by 2.3% during the 4th quarter. Two Sigma Advisers LP now owns 13,100 shares of the company’s stock worth $733,000 after purchasing an additional 300 shares during the period. State of Wyoming purchased a new position in shares of Rhythm Pharmaceuticals in the 4th quarter worth about $61,000. Finally, Stempoint Capital LP grew its position in Rhythm Pharmaceuticals by 404.1% during the fourth quarter. Stempoint Capital LP now owns 208,016 shares of the company’s stock valued at $11,645,000 after buying an additional 166,748 shares during the period.

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.