Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a research report report published on Monday, Marketbeat Ratings reports. The firm issued an overweight rating and a $145.00 price target on the stock.

Other analysts have also issued reports about the company. Stifel Nicolaus set a $133.00 price objective on Rhythm Pharmaceuticals in a research note on Monday, June 15th. TD Cowen restated a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Canaccord Genuity Group lifted their target price on Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of Rhythm Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Fifteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.73.

Rhythm Pharmaceuticals Price Performance

RYTM opened at $106.13 on Monday. Rhythm Pharmaceuticals has a fifty-two week low of $74.50 and a fifty-two week high of $122.20. The firm has a market capitalization of $7.27 billion, a P/E ratio of -33.91 and a beta of 1.88. The company’s 50-day moving average is $99.30 and its 200 day moving average is $95.80.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last issued its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.03. The business had revenue of $60.11 million for the quarter, compared to analysts’ expectations of $55.78 million. Rhythm Pharmaceuticals had a negative net margin of 93.33% and a negative return on equity of 203.25%. The business’s revenue for the quarter was up 83.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.81) EPS. On average, equities research analysts expect that Rhythm Pharmaceuticals will post -3.1 earnings per share for the current year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was 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 directly owned 7,000 shares in the company, valued at $702,240. The trade was a 84.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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.

Institutional Trading of Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC boosted its position in shares of Rhythm Pharmaceuticals by 148.2% during the 1st quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock valued at $2,085,000 after acquiring an additional 23,506 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rhythm Pharmaceuticals by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock worth $1,874,000 after purchasing an additional 2,126 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Rhythm Pharmaceuticals by 62.9% in the second quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock worth $423,000 after purchasing an additional 2,740 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in Rhythm Pharmaceuticals by 11.2% in the second quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company’s stock valued at $15,187,000 after purchasing an additional 24,152 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Rhythm Pharmaceuticals by 10.0% in the second quarter. Sei Investments Co. now owns 33,145 shares of the company’s stock valued at $2,095,000 after purchasing an additional 3,004 shares in the last quarter.

Rhythm Pharmaceuticals Company Profile

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.