After Stifel Nicolaus and Canaccord Genuity gave Rhythm Pharmaceuticals (NASDAQ: RYTM) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alan Carr assigned a Buy rating to Rhythm Pharmaceuticals today and set a price target of $42.00. The company’s shares closed last Monday at $20.76.
According to TipRanks.com, Carr is a 2-star analyst with an average return of 0.0% and a 41.2% success rate. Carr covers the Healthcare sector, focusing on stocks such as Phathom Pharmaceuticals, Lexicon Pharmaceuticals, and ACADIA Pharmaceuticals.
Currently, the analyst consensus on Rhythm Pharmaceuticals is a Strong Buy with an average price target of $39.50, a 74.5% upside from current levels. In a report issued on October 27, Canaccord Genuity also maintained a Buy rating on the stock with a $37.00 price target.
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Based on Rhythm Pharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $31.12 million. In comparison, last year the company had a GAAP net loss of $42.8 million.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RYTM in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Rhythm Pharmaceuticals, Inc. develops and commercializes peptide therapeutics for the treatment of gastrointestinal diseases and genetic deficiencies. It focuses on the treatment for Prader-Willi Syndrome and Pro-Opiomelanocortin deficiency obesity. The firm rapidly develops setmelanotide for rare genetic disorders of obesity caused by MC4 pathway deficiencies and provides advance setmelanotide for POMC deficiency obesity and LEPR deficiency obesity as first indications in upstream MC4 pathway deficiencies. The company was founded by Bart Henderson in February 2010 and is headquartered in Boston, MA.
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