Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $91.00 Price Target at Wells Fargo & Company

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective raised by analysts at Wells Fargo & Company from $80.00 to $91.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 65.57% from the company’s previous close.

RYTM has been the subject of a number of other reports. Canaccord Genuity Group lifted their price objective on Rhythm Pharmaceuticals from $80.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. JMP Securities restated a “market outperform” rating and issued a $75.00 price objective on shares of Rhythm Pharmaceuticals in a report on Monday, December 23rd. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a report on Wednesday, March 5th. They issued a “buy” rating and a $78.00 price target for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $72.00 price objective on shares of Rhythm Pharmaceuticals in a report on Friday, March 7th. Finally, Needham & Company LLC raised their target price on shares of Rhythm Pharmaceuticals from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $73.31.

Rhythm Pharmaceuticals Price Performance

Rhythm Pharmaceuticals stock traded up $8.01 during trading on Monday, reaching $54.96. 3,896,096 shares of the company were exchanged, compared to its average volume of 525,621. Rhythm Pharmaceuticals has a 52-week low of $35.17 and a 52-week high of $68.58. The stock’s 50 day simple moving average is $54.57 and its two-hundred day simple moving average is $55.09. The company has a market capitalization of $3.47 billion, a P/E ratio of -12.69 and a beta of 2.32.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm had revenue of $41.83 million for the quarter, compared to analysts’ expectations of $38.48 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. As a group, equities analysts forecast that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Activity

In other news, EVP Yann Mazabraud sold 75,000 shares of Rhythm Pharmaceuticals stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $51.48, for a total value of $3,861,000.00. Following the completion of the transaction, the executive vice president now owns 40,370 shares in the company, valued at approximately $2,078,247.60. This trade represents a 65.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Shulman sold 1,281 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $59.43, for a total value of $76,129.83. Following the transaction, the insider now directly owns 2,657 shares of the company’s stock, valued at $157,905.51. This trade represents a 32.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,131 shares of company stock valued at $5,781,098 in the last 90 days. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. SRS Capital Advisors Inc. raised its stake in Rhythm Pharmaceuticals by 740.7% during the 4th quarter. SRS Capital Advisors Inc. now owns 454 shares of the company’s stock valued at $25,000 after acquiring an additional 400 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. purchased a new position in Rhythm Pharmaceuticals during the 4th quarter valued at about $37,000. R Squared Ltd purchased a new stake in Rhythm Pharmaceuticals in the 4th quarter worth approximately $44,000. Finally, State of Wyoming acquired a new stake in Rhythm Pharmaceuticals during the fourth quarter valued at $61,000.

Rhythm Pharmaceuticals Company Profile

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.