Rhythm Pharmaceuticals (NASDAQ:RYTM) Given New $146.00 Price Target at JPMorgan Chase & Co.

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its target price boosted by analysts at JPMorgan Chase & Co. from $145.00 to $146.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 28.44% from the stock’s previous close.

A number of other equities analysts also recently weighed in on RYTM. Weiss Ratings restated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Wells Fargo & Company boosted their price objective on Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. Canaccord Genuity Group set a $154.00 price objective on Rhythm Pharmaceuticals in a research note on Wednesday. Stifel Nicolaus set a $133.00 target price on Rhythm Pharmaceuticals in a research report on Monday, June 15th. Finally, TD Cowen reiterated a “buy” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 17th. Fifteen investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.44.

Rhythm Pharmaceuticals Stock Up 1.4%

RYTM traded up $1.57 during trading on Friday, reaching $113.67. 326,404 shares of the stock traded hands, compared to its average volume of 793,460. The stock’s 50-day moving average is $101.96 and its 200 day moving average is $95.92. Rhythm Pharmaceuticals has a 12 month low of $74.50 and a 12 month high of $122.20. The stock has a market capitalization of $7.79 billion, a PE ratio of -36.54 and a beta of 1.92.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.08. The business had revenue of $71.25 million for the quarter, compared to the consensus estimate of $67.66 million. Rhythm Pharmaceuticals had a negative return on equity of 159.87% and a negative net margin of 85.59%.The firm’s revenue for the quarter was up 46.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.75) EPS. As a group, equities research analysts anticipate that Rhythm Pharmaceuticals will post -2.93 EPS for the current year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, Director Lynn A. Tetrault sold 37,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.32, for a total value of $3,711,840.00. Following the completion of the transaction, the director directly owned 7,000 shares of the company’s stock, valued at $702,240. This trade represents a 84.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in shares of Rhythm Pharmaceuticals during the second quarter worth approximately $51,000. Bank of New York Mellon Corp purchased a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at $43,751,000. State of Wyoming purchased a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at $705,000. Walleye Capital LLC bought a new position in shares of Rhythm Pharmaceuticals during the 2nd quarter valued at $666,000. Finally, E. Ohman J or Asset Management AB grew its holdings in shares of Rhythm Pharmaceuticals by 25.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 5,523 shares of the company’s stock valued at $613,000 after purchasing an additional 1,114 shares during 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.