JPMorgan Chase & Co. Has Lowered Expectations for Rhythm Pharmaceuticals (NASDAQ:RYTM) Stock Price

Rhythm Pharmaceuticals (NASDAQ:RYTM) had its price objective lowered by JPMorgan Chase & Co. from $145.00 to $142.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 26.47% from the company’s current price.

Several other equities analysts have also recently commented on RYTM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rhythm Pharmaceuticals in a research report on Thursday, October 15th. Oppenheimer reissued a “market perform” rating on shares of Rhythm Pharmaceuticals in a report on Wednesday. Needham & Company LLC cut their price objective on Rhythm Pharmaceuticals from $130.00 to $114.00 and set a “buy” rating on the stock in a research note on Tuesday, November 3rd. Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday, August 5th. Finally, HC Wainwright increased their target price on Rhythm Pharmaceuticals from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Eighteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $142.00.

Rhythm Pharmaceuticals Price Performance

NASDAQ RYTM opened at $112.28 on Friday. Rhythm Pharmaceuticals has a 12 month low of $74.50 and a 12 month high of $122.20. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of -38.72 and a beta of 2.17. The company’s fifty 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 for the quarter, topping the consensus estimate of ($0.71) by $0.10. The company had revenue of $92.13 million during the quarter, compared to analyst estimates of $85.56 million. Rhythm Pharmaceuticals had a negative net margin of 69.03% and a negative return on equity of 171.16%. The firm’s revenue for the quarter was up 79.6% compared to the same quarter last year. During the same period last year, the business earned ($0.82) EPS. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -4.24 EPS for the current year.

Insider Buying and Selling at Rhythm Pharmaceuticals

In related news, EVP Jennifer Lee sold 75,834 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $117.38, for a total transaction of $8,901,394.92. Following the completion of the transaction, the executive vice president directly owned 54,233 shares in the company, valued at $6,365,869.54. This represents a 58.30% decrease in their position. The sale 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. Also, CFO Hunter C. Smith sold 62,774 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $105.46, for a total value of $6,620,146.04. Following the transaction, the chief financial officer owned 114,024 shares of the company’s stock, valued at approximately $12,024,971.04. The trade was a 35.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 258,450 shares of company stock worth $28,796,497. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Rhythm Pharmaceuticals in the 2nd quarter valued at approximately $683,601,000. Primecap Management Co. CA bought a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $351,838,000. Pictet Asset Management Holding SA raised its stake in Rhythm Pharmaceuticals by 2.0% during the 3rd quarter. Pictet Asset Management Holding SA now owns 976,487 shares of the company’s stock valued at $93,019,000 after acquiring an additional 18,702 shares in the last quarter. Jupiter Topco LLC bought a new stake in Rhythm Pharmaceuticals during the 2nd quarter valued at $102,752,000. Finally, Siren L.L.C. boosted its position in Rhythm Pharmaceuticals by 45.1% during the 1st quarter. Siren L.L.C. now owns 725,511 shares of the company’s stock worth $63,098,000 after acquiring an additional 225,536 shares during the period.

About Rhythm Pharmaceuticals

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.