Bank of America Corporation started coverage on shares of Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) in a research report issued on Monday. The brokerage set a “buy” rating and a $30.00 price target on the stock. Bank of America Corporation’s price objective would suggest a potential upside of 22.70% from the stock’s previous close.
Separately, Cowen and Company started coverage on shares of Rhythm Pharmaceuticals in a report on Monday. They issued an “outperform” rating and a $40.00 price target on the stock.
Shares of Rhythm Pharmaceuticals (NASDAQ RYTM) traded up 2.91% during midday trading on Monday, hitting $25.13. 190,286 shares of the stock were exchanged. The stock’s market cap is $655.24 million. Rhythm Pharmaceuticals has a 12 month low of $21.38 and a 12 month high of $33.81. The firm has a 50 day moving average of $24.24 and a 200-day moving average of $24.24.
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In other Rhythm Pharmaceuticals news, insider James E. Flynn bought 355,000 shares of the company’s stock in a transaction on Tuesday, October 10th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $6,035,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Bros. Advisors Lp Baker bought 885,000 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were acquired at an average price of $17.00 per share, for a total transaction of $15,045,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,285,000 shares of company stock worth $21,845,000.
About Rhythm Pharmaceuticals
Rhythm Pharmaceuticals, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of peptide therapeutics for the treatment of rare genetic deficiencies that result in life-threatening metabolic disorders. The Company’s lead peptide product candidate is setmelanotide, a potent, first-in-class melanocortin-4 receptor, or MC4R, agonist for the treatment of rare genetic disorders of obesity.
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