Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price Target Lowered at JPMorgan Chase & Co.

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $145.00 to $142.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 26.47% from the stock’s previous close.

RYTM has been the topic of a number of other research reports. Oppenheimer reissued a “market perform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday. National Bank Financial set a $160.00 price objective on Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Guggenheim upped their price objective on shares of Rhythm Pharmaceuticals from $143.00 to $147.00 and gave the stock a “buy” rating in a research note on Thursday. HC Wainwright increased their target price on shares of Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Thursday, October 15th. Eighteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $142.00.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $112.28 on Friday. Rhythm Pharmaceuticals has a 52-week low of $74.50 and a 52-week high of $122.20. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of -38.72 and a beta of 2.17. The stock has a 50 day moving average price of $96.15 and a 200 day moving average price of $97.25.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.71) by $0.10. The company had revenue of $92.13 million for the quarter, compared to the consensus estimate of $85.56 million. Rhythm Pharmaceuticals had a negative return on equity of 171.16% and a negative net margin of 69.03%. Rhythm Pharmaceuticals’s quarterly revenue was up 79.6% on a year-over-year basis. During the same period last year, the business posted ($0.82) EPS. Analysts forecast that Rhythm Pharmaceuticals will post -4.24 earnings per share for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In other news, EVP Jennifer Lee sold 75,834 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total value of $8,901,394.92. Following the transaction, the executive vice president directly owned 54,233 shares in the company, valued at approximately $6,365,869.54. This trade represents a 58.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hunter C. Smith sold 62,774 shares of the business’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $105.46, for a total value of $6,620,146.04. Following the completion of the transaction, the chief financial officer directly owned 114,024 shares of the company’s stock, valued at approximately $12,024,971.04. The trade was a 35.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 258,450 shares of company stock worth $28,796,497. 5.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Aberdeen Group plc raised its holdings in Rhythm Pharmaceuticals by 25.3% in the third quarter. Aberdeen Group plc now owns 118,927 shares of the company’s stock worth $11,324,000 after purchasing an additional 23,981 shares in the last quarter. Fisher Asset Management LLC purchased a new stake in shares of Rhythm Pharmaceuticals during the third quarter valued at about $10,093,000. Russell Investments Group Ltd. boosted its holdings in shares of Rhythm Pharmaceuticals by 139.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 207,694 shares of the company’s stock valued at $19,819,000 after buying an additional 120,985 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 13.2% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 20,427 shares of the company’s stock worth $1,945,000 after buying an additional 2,384 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its position in shares of Rhythm Pharmaceuticals by 2.0% in the 3rd quarter. Pictet Asset Management Holding SA now owns 976,487 shares of the company’s stock worth $93,019,000 after buying an additional 18,702 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing treatments for rare genetic diseases of obesity. The company is headquartered in Boston, Massachusetts, and its work centers on the melanocortin-4 receptor pathway, which helps regulate hunger and energy balance.

Its commercial product, IMCIVREE (setmelanotide), is approved in the United States and Europe for certain forms of genetically defined obesity, including obesity associated with Bardet-Biedl syndrome and specific gene deficiencies.