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Pamela J. Cramer, the Chief Human Resources Officer at Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The transactions come as the company, currently valued at $3.7 billion, has seen its stock surge 20.9% in the past week and 25.6% over six months, according to InvestingPro data. On April 8, Cramer sold a total of 20,760 shares of common stock, generating approximately $1.25 million. The sale prices ranged from $58.36 to $62.00 per share.
Additionally, Cramer exercised stock options to acquire 20,760 shares at prices between $6.80 and $27.35, with the total value of these transactions amounting to $278,853. The sales were conducted under a pre-arranged 10b5-1 trading plan, which allows insiders to set up a trading plan for selling stocks they own by scheduling future trades.
In other recent news, Rhythm Pharmaceuticals has shared positive Phase 3 trial results for its drug setmelanotide, aimed at treating acquired hypothalamic obesity (HO). The trial demonstrated a significant reduction in body mass index (BMI) among participants, marking a promising development for the company. Following these results, several financial firms have updated their outlooks on the company's stock. H.C. Wainwright increased its price target to $80, citing a higher likelihood of drug approval, while Canaccord Genuity raised its target to $92, reflecting strong confidence in the drug's potential market success. Oppenheimer maintained an Outperform rating with a $76 target, projecting substantial future sales and market penetration for setmelanotide. Meanwhile, BofA Securities upgraded its rating to Buy with a new target of $63, noting the opportunity presented by the current stock price and the unmet need for HO treatments. Stifel also maintained a Buy rating, setting a $78 target, and highlighted the trial's results as exceeding expectations. These developments suggest a growing optimism among analysts regarding Rhythm Pharmaceuticals' future prospects.
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