Rhythm Pharmaceuticals (NASDAQ:RYTM) Price Target Raised to $146.00

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

A number of other analysts have also recently commented on RYTM. National Bank Financial set a $160.00 price target on Rhythm Pharmaceuticals in a research report on Wednesday. Canaccord Genuity Group set a $154.00 price objective on Rhythm Pharmaceuticals in a research note on Wednesday. Wells Fargo & Company upped their price target on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an “overweight” rating in a research note on Monday, June 15th. TD Cowen reissued a “buy” rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 17th. Finally, Citigroup restated a “market outperform” rating on shares of Rhythm Pharmaceuticals in a research note on Wednesday. Fifteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $142.44.

Rhythm Pharmaceuticals Price Performance

RYTM stock traded up $1.57 during trading on Friday, reaching $113.67. The company had a trading volume of 326,404 shares, compared to its average volume of 793,460. Rhythm Pharmaceuticals has a 52 week low of $74.50 and a 52 week high of $122.20. The business has a 50 day moving average of $101.96 and a 200 day moving average of $95.92. The company has a market cap of $7.79 billion, a P/E ratio of -36.54 and a beta of 1.92.

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

Insider Activity

In other news, Director Lynn A. Tetrault sold 37,000 shares of the company’s 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rhythm Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its stake in Rhythm Pharmaceuticals by 148.2% during the first quarter. AQR Capital Management LLC now owns 39,363 shares of the company’s stock valued at $2,085,000 after purchasing an additional 23,506 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Rhythm Pharmaceuticals by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,282 shares of the company’s stock worth $1,874,000 after acquiring an additional 2,126 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Rhythm Pharmaceuticals by 62.9% during the 2nd quarter. Prudential Financial Inc. now owns 7,095 shares of the company’s stock worth $423,000 after acquiring an additional 2,740 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Rhythm Pharmaceuticals by 11.2% during the 2nd quarter. Qube Research & Technologies Ltd now owns 240,345 shares of the company’s stock valued at $15,187,000 after acquiring an additional 24,152 shares during the period. Finally, Sei Investments Co. grew its position in Rhythm Pharmaceuticals by 10.0% in the 2nd quarter. Sei Investments Co. now owns 33,145 shares of the company’s stock valued at $2,095,000 after acquiring an additional 3,004 shares during the last quarter.

About Rhythm Pharmaceuticals

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.