JPMorgan Chase & Co. Begins Coverage on Rhythm Pharmaceuticals (NASDAQ:RYTM)

Research analysts at JPMorgan Chase & Co. started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM) in a note issued to investors on Monday,Benzinga reports. The firm set an “overweight” rating and a $145.00 price target on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 42.02% from the stock’s current price.

Several other equities research analysts have also weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research note on Friday, July 17th. Citigroup reaffirmed a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, June 3rd. Royal Bank Of Canada upped their price target on Rhythm Pharmaceuticals from $137.00 to $141.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Stifel Nicolaus set a $133.00 price objective on Rhythm Pharmaceuticals in a research note on Monday, June 15th. Finally, Wall Street Zen raised 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 issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $138.73.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $102.10 on Monday. The firm’s 50-day simple moving average is $98.91 and its 200-day simple moving average is $95.76. Rhythm Pharmaceuticals has a twelve month low of $74.50 and a twelve month high of $122.20. The firm has a market cap of $7.00 billion, a P/E ratio of -32.62 and a beta of 1.88.

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

Insider Transactions at Rhythm Pharmaceuticals

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

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Large investors have recently modified their holdings of the stock. RA Capital Management L.P. grew its stake in shares of Rhythm Pharmaceuticals by 17.3% during the fourth quarter. RA Capital Management L.P. now owns 6,666,837 shares of the company’s stock valued at $713,618,000 after purchasing an additional 985,478 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Rhythm Pharmaceuticals by 24.3% during the 4th quarter. Vanguard Group Inc. now owns 6,210,916 shares of the company’s stock worth $664,816,000 after buying an additional 1,214,489 shares in the last quarter. State Street Corp lifted its holdings in Rhythm Pharmaceuticals by 8.4% during the 4th quarter. State Street Corp now owns 2,198,615 shares of the company’s stock worth $235,340,000 after buying an additional 169,964 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Rhythm Pharmaceuticals by 11.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,560,847 shares of the company’s stock valued at $167,074,000 after buying an additional 160,950 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Rhythm Pharmaceuticals by 19.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,423,989 shares of the company’s stock valued at $152,424,000 after buying an additional 235,920 shares during the period.

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.