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

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

Several other analysts also recently weighed in on the stock. Canaccord Genuity Group set a $154.00 price target on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. William Blair initiated coverage on Rhythm Pharmaceuticals in a report on Friday, October 16th. They issued an “outperform” rating on the stock. National Bank Financial set a $160.00 price objective on Rhythm Pharmaceuticals in a report on Wednesday, August 5th. Finally, Wolfe Research started coverage on Rhythm Pharmaceuticals in a research note on Thursday, September 17th. They issued an “outperform” rating for the company. Eighteen 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $142.00.

Rhythm Pharmaceuticals Stock Performance

RYTM stock opened at $112.28 on Friday. The company has a market capitalization of $7.78 billion, a PE ratio of -38.72 and a beta of 2.17. Rhythm Pharmaceuticals has a one year low of $74.50 and a one year high of $122.20. The company’s 50 day moving average price is $96.15 and its two-hundred day moving average price is $97.25.

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

Insider Transactions at Rhythm Pharmaceuticals

In related news, CEO David P. Meeker sold 50,000 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $102.67, for a total transaction of $5,133,500.00. Following the completion of the sale, the chief executive officer directly owned 239,258 shares in the company, valued at $24,564,618.86. This represents a 17.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hunter C. Smith sold 62,774 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $105.46, for a total transaction of $6,620,146.04. Following the sale, the chief financial officer owned 114,024 shares of the company’s stock, valued at $12,024,971.04. This represents a 35.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 valued at $28,796,497. 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. GAMMA Investing LLC lifted its holdings in Rhythm Pharmaceuticals by 36.3% in the 2nd quarter. GAMMA Investing LLC now owns 364 shares of the company’s stock worth $40,000 after buying an additional 97 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Rhythm Pharmaceuticals in the 2nd quarter worth approximately $51,000. EverSource Wealth Advisors LLC grew its position in shares of Rhythm Pharmaceuticals by 106.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 549 shares of the company’s stock worth $48,000 after buying an additional 283 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its position in shares of Rhythm Pharmaceuticals by 894.0% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 666 shares of the company’s stock worth $63,000 after buying an additional 599 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Rhythm Pharmaceuticals by 9.1% during the third quarter. Nisa Investment Advisors LLC now owns 1,630 shares of the company’s stock valued at $155,000 after buying an additional 136 shares during the period.

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.