Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price target trimmed by JPMorgan Chase & Co. from $146.00 to $145.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts have also recently weighed in on RYTM. Leerink Partners began coverage on shares of Rhythm Pharmaceuticals in a report on Monday, September 14th. They set an “outperform” rating and a $133.00 target price for the company. Citizens Jmp upped their price target on Rhythm Pharmaceuticals from $155.00 to $160.00 and gave the company a “market outperform” rating in a report on Wednesday, August 5th. HC Wainwright upped their price target on Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 12th. Citigroup reiterated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Friday, July 17th. Eighteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Rhythm Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Rhythm Pharmaceuticals Price Performance

Shares of RYTM opened at $86.17 on Thursday. The firm’s 50 day moving average is $101.76 and its 200-day moving average is $97.88. The stock has a market capitalization of $5.91 billion, a P/E ratio of -27.71 and a beta of 2.01. Rhythm Pharmaceuticals has a 12-month low of $74.50 and a 12-month high of $122.20.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last released its earnings results on Tuesday, August 4th. The company reported ($0.73) EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $67.66 million. During the same period in the previous year, the firm earned ($0.75) EPS. The business’s revenue for the quarter was up 46.9% on a year-over-year basis. As a group, equities research analysts forecast that Rhythm Pharmaceuticals will post -2.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Alastair Garfield sold 7,763 shares of the firm’s stock in a transaction 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 sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jennifer Lee sold 75,834 shares of Rhythm Pharmaceuticals stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $117.38, for a total value of $8,901,394.92. Following the transaction, the executive vice president owned 54,233 shares in the company, valued at $6,365,869.54. This represents a 58.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 258,450 shares of company stock valued at $28,796,497. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Rhythm Pharmaceuticals in the second quarter worth $683,601,000. Primecap Management Co. CA bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $351,838,000. Jupiter Topco LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $102,752,000. Siren L.L.C. increased its holdings in Rhythm Pharmaceuticals by 45.1% in the first quarter. Siren L.L.C. now owns 725,511 shares of the company’s stock worth $63,098,000 after buying an additional 225,536 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its holdings in Rhythm Pharmaceuticals by 8.5% in the first quarter. Pictet Asset Management Holding SA now owns 667,046 shares of the company’s stock worth $57,329,000 after buying an additional 52,383 shares during the last quarter.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare genetic diseases of obesity and other disorders involving the melanocortin-4 receptor (MC4R) pathway. The company’s research is centered on conditions in which genetic defects disrupt the body’s regulation of appetite, hunger and energy expenditure.

Rhythm’s lead product is IMCIVREE (setmelanotide), an MC4R agonist designed to restore signaling in the brain’s melanocortin pathway.