Rhythm Pharmaceuticals (NASDAQ:RYTM) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Rhythm Pharmaceuticals with an “overweight” rating and a $145 price target, implying approximately 42% upside from the reported $102.10 share price.
• Analyst sentiment is broadly positive: 15 analysts rate the stock a Buy, two rate it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $138.73.
• Rhythm reported quarterly revenue of $60.11 million, up 83.8% year over year, and an adjusted loss of $0.83 per share that beat expectations; however, the company continues to post substantial losses and analysts expect a full-year loss of $3.10 per share.

Analysts at JPMorgan Chase & Co. started coverage on shares of Rhythm Pharmaceuticals (NASDAQ:RYTM - Get Free Report) in a note issued to investors on Monday,Benzinga reports. The brokerage set an "overweight" rating and a $145.00 price target on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 42.02% from the company's current price.

RYTM has been the subject of several other reports. Wells Fargo & Company upped their price objective on shares of Rhythm Pharmaceuticals from $144.00 to $155.00 and gave the stock an "overweight" rating in a report on Monday, June 15th. Stifel Nicolaus set a $133.00 target price on shares of Rhythm Pharmaceuticals in a research report on Monday, June 15th. TD Cowen restated a "buy" rating on shares of Rhythm Pharmaceuticals in a report on Wednesday, June 17th. Citigroup reaffirmed a "market outperform" rating on shares of Rhythm Pharmaceuticals in a research report on Wednesday, June 3rd. Finally, Canaccord Genuity Group lifted their price objective on Rhythm Pharmaceuticals from $143.00 to $151.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Fifteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rhythm Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $138.73.

Rhythm Pharmaceuticals Stock Performance

RYTM opened at $102.10 on Monday. The business has a 50 day moving average price of $98.91 and a 200 day moving average price of $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 - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.86) by $0.03. Rhythm Pharmaceuticals had a negative return on equity of 203.25% and a negative net margin of 93.33%.The firm had revenue of $60.11 million during the quarter, compared to analysts' expectations of $55.78 million. During the same quarter in the prior year, the business earned ($0.81) earnings per share. The company's revenue was up 83.8% on a year-over-year basis. As a group, analysts anticipate that Rhythm Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Insider Transactions at Rhythm Pharmaceuticals

In related news, Director Lynn A. Tetrault sold 37,000 shares of the business's stock in a transaction on 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 transaction, the director owned 7,000 shares of the company's stock, valued at approximately $702,240. The trade was a 84.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RYTM. EverSource Wealth Advisors LLC lifted its stake in shares of Rhythm Pharmaceuticals by 303.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 266 shares of the company's stock valued at $28,000 after buying an additional 200 shares during the period. SBI Securities Co. Ltd. raised its holdings in Rhythm Pharmaceuticals by 73.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 343 shares of the company's stock valued at $37,000 after acquiring an additional 145 shares in the last quarter. GAMMA Investing LLC raised its holdings in Rhythm Pharmaceuticals by 48.6% in the 4th quarter. GAMMA Investing LLC now owns 361 shares of the company's stock valued at $39,000 after acquiring an additional 118 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Rhythm Pharmaceuticals by 39.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 399 shares of the company's stock worth $43,000 after acquiring an additional 113 shares during the period. Finally, Covestor Ltd lifted its position in shares of Rhythm Pharmaceuticals by 328.9% in the 4th quarter. Covestor Ltd now owns 579 shares of the company's stock worth $62,000 after acquiring an additional 444 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.