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

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target trimmed by JPMorgan Chase & Co. from $145.00 to $142.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages also recently issued reports on RYTM. National Bank Financial set a $160.00 price target on shares of Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Wolfe Research initiated coverage on shares of Rhythm Pharmaceuticals in a research report on Thursday, September 17th. They issued an “outperform” rating on the stock. Guggenheim boosted their target price on shares of Rhythm Pharmaceuticals from $143.00 to $147.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Rhythm Pharmaceuticals in a research note on Friday, August 28th. They issued a “hold” rating and a $120.00 price target on the stock. Eighteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Rhythm Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $142.00.

Rhythm Pharmaceuticals Stock Performance

Shares of NASDAQ RYTM opened at $112.28 on Friday. Rhythm Pharmaceuticals has a 12-month low of $74.50 and a 12-month high of $122.20. The company has a market cap of $7.78 billion, a price-to-earnings ratio of -38.72 and a beta of 2.17. The stock’s 50 day simple moving average is $96.15 and its 200 day simple moving average is $97.25.

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

Insiders Place Their Bets

In related news, EVP Yann Mazabraud sold 57,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $116.15, for a total transaction of $6,620,550.00. Following the sale, the executive vice president owned 55,655 shares of the company’s stock, valued at $6,464,328.25. The trade was a 50.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alastair Garfield sold 7,763 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $117.57, for a total value of $912,695.91. Following the completion of the sale, the insider owned 2,295 shares of the company’s stock, valued at $269,823.15. This trade represents a 77.18% 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. Over the last ninety days, insiders sold 258,450 shares of company stock valued at $28,796,497. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the 2nd quarter worth approximately $683,601,000. Primecap Management Co. CA acquired a new stake in Rhythm Pharmaceuticals during the second quarter valued at approximately $351,838,000. Jupiter Topco LLC acquired a new stake in Rhythm Pharmaceuticals during the second quarter valued at approximately $102,752,000. Bank of America Corp DE lifted its stake in Rhythm Pharmaceuticals by 180.0% during the first quarter. Bank of America Corp DE now owns 628,667 shares of the company’s stock valued at $54,675,000 after purchasing an additional 404,183 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Rhythm Pharmaceuticals during the second quarter worth approximately $43,751,000.

About Rhythm Pharmaceuticals

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.