HC Wainwright Cuts Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target to $110.00

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective reduced by HC Wainwright from $125.00 to $110.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 15.58% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC reduced their price objective on shares of Rhythm Pharmaceuticals from $148.00 to $139.00 and set a “buy” rating on the stock in a research report on Thursday. Wells Fargo & Company cut their target price on shares of Rhythm Pharmaceuticals from $145.00 to $136.00 and set an “overweight” rating for the company in a research note on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a report on Thursday, January 22nd. Canaccord Genuity Group increased their price objective on shares of Rhythm Pharmaceuticals from $114.00 to $141.00 and gave the company a “buy” rating in a report on Friday, December 12th. Finally, UBS Group restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rhythm Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $132.64.

Rhythm Pharmaceuticals Stock Up 2.6%

Shares of Rhythm Pharmaceuticals stock opened at $95.17 on Monday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of -30.40 and a beta of 2.00. The stock’s 50-day simple moving average is $103.90 and its 200-day simple moving average is $103.58. Rhythm Pharmaceuticals has a 52 week low of $45.90 and a 52 week high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Thursday, February 26th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.06. Rhythm Pharmaceuticals had a negative return on equity of 266.56% and a negative net margin of 103.57%.The firm had revenue of $57.25 million during the quarter, compared to analysts’ expectations of $56.16 million. During the same quarter last year, the business posted ($0.72) earnings per share. The firm’s revenue was up 36.9% on a year-over-year basis. On average, equities analysts expect that Rhythm Pharmaceuticals will post -4.32 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, insider Pamela J. Cramer sold 3,350 shares of Rhythm Pharmaceuticals stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $111.00, for a total value of $371,850.00. Following the completion of the transaction, the insider owned 20,814 shares in the company, valued at approximately $2,310,354. This trade represents a 13.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Hunter C. Smith sold 4,385 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $101.26, for a total value of $444,025.10. Following the sale, the chief financial officer owned 110,512 shares in the company, valued at approximately $11,190,445.12. This trade represents a 3.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 25,003 shares of company stock valued at $2,589,015. 6.10% of the stock is owned by insiders.

Institutional Trading of Rhythm Pharmaceuticals

A number of institutional investors have recently bought and sold shares of RYTM. Nisa Investment Advisors LLC increased its holdings in Rhythm Pharmaceuticals by 956.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 13,254 shares of the company’s stock worth $1,339,000 after purchasing an additional 12,000 shares during the period. EFG Asset Management North America Corp. bought a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter worth $2,047,000. Penserra Capital Management LLC bought a new position in shares of Rhythm Pharmaceuticals during the 3rd quarter worth $3,073,000. Hillsdale Investment Management Inc. purchased a new position in shares of Rhythm Pharmaceuticals during the third quarter valued at $4,302,000. Finally, Norges Bank bought a new stake in shares of Rhythm Pharmaceuticals in the second quarter valued at about $13,105,000.

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.