JPMorgan Chase & Co. Issues Positive Forecast for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price boosted by JPMorgan Chase & Co. from $145.00 to $146.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

RYTM has been the subject of a number of other research reports. Stifel Nicolaus set a $133.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. Citizens Jmp lifted their target price on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a “market outperform” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the company an “overweight” rating in a research report on Monday, June 15th. Royal Bank Of Canada boosted their price target on Rhythm Pharmaceuticals from $141.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wall Street Zen upgraded Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Fifteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $142.44.

Rhythm Pharmaceuticals Trading Up 3.1%

RYTM opened at $115.63 on Friday. The company has a market cap of $7.92 billion, a price-to-earnings ratio of -37.18 and a beta of 1.92. The company’s 50 day moving average is $102.51 and its 200 day moving average is $96.06. Rhythm Pharmaceuticals has a 12-month low of $74.50 and a 12-month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its earnings results on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.08. Rhythm Pharmaceuticals had a negative net margin of 85.59% and a negative return on equity of 159.87%. The business had revenue of $71.25 million during the quarter, compared to analysts’ expectations of $67.66 million. During the same period in the prior year, the company earned ($0.75) earnings per share. The firm’s revenue was up 46.9% on a year-over-year basis. As a group, analysts predict that Rhythm Pharmaceuticals will post -2.86 EPS for the current fiscal year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total transaction of $3,711,840.00. Following the completion of the transaction, the director owned 7,000 shares in the company, valued at approximately $702,240. This represents a 84.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RYTM. M&T Bank Corp bought a new position in Rhythm Pharmaceuticals during the fourth quarter valued at $9,202,000. Jennison Associates LLC increased its holdings in shares of Rhythm Pharmaceuticals by 123.2% in the 4th quarter. Jennison Associates LLC now owns 918,567 shares of the company’s stock worth $98,323,000 after buying an additional 507,017 shares during the last quarter. Zweig DiMenna Associates LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the 4th quarter valued at about $8,734,000. Pictet Asset Management Holding SA raised its position in shares of Rhythm Pharmaceuticals by 8.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock valued at $57,329,000 after buying an additional 52,383 shares in the last quarter. Finally, Orbimed Advisors LLC lifted its holdings in shares of Rhythm Pharmaceuticals by 31.0% in the 1st quarter. Orbimed Advisors LLC now owns 314,100 shares of the company’s stock valued at $27,317,000 after acquiring an additional 74,300 shares during the last quarter.

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.