Fintel reports that on August 2, 2023, B of A Securities upgraded their outlook for Rhythm Pharmaceuticals (NASDAQ:RYTM) from Neutral to Buy.

Analyst Price Forecast Suggests 54.71% Upside

As of August 2, 2023, the average one-year price target for Rhythm Pharmaceuticals is 37.63. The forecasts range from a low of 22.22 to a high of $54.60. The average price target represents an increase of 54.71% from its latest reported closing price of 24.32.

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The projected annual revenue for Rhythm Pharmaceuticals is 63MM, an increase of 44.96%. The projected annual non-GAAP EPS is -3.14.

What is the Fund Sentiment?

There are 224 funds or institutions reporting positions in Rhythm Pharmaceuticals. This is an increase of 20 owner(s) or 9.80% in the last quarter. Average portfolio weight of all funds dedicated to RYTM is 0.15%, a decrease of 40.07%. Total shares owned by institutions decreased in the last three months by 2.13% to 70,330K shares. The put/call ratio of RYTM is 0.08, indicating a bullish outlook.

What are Other Shareholders Doing?

Primecap Management holds 7,607K shares representing 13.38% ownership of the company. In it’s prior filing, the firm reported owning 6,911K shares, representing an increase of 9.15%. The firm decreased its portfolio allocation in RYTM by 35.77% over the last quarter.

Baker Bros. Advisors holds 6,498K shares representing 11.43% ownership of the company. In it’s prior filing, the firm reported owning 6,355K shares, representing an increase of 2.21%. The firm decreased its portfolio allocation in RYTM by 43.24% over the last quarter.

Ra Capital Management holds 5,516K shares representing 9.70% ownership of the company. No change in the last quarter.

Goldman Sachs Group holds 5,311K shares representing 9.34% ownership of the company. In it’s prior filing, the firm reported owning 5,202K shares, representing an increase of 2.05%. The firm decreased its portfolio allocation in RYTM by 40.35% over the last quarter.

POAGX – PRIMECAP Odyssey Aggressive Growth Fund holds 5,164K shares representing 9.08% ownership of the company. In it’s prior filing, the firm reported owning 4,932K shares, representing an increase of 4.49%. The firm decreased its portfolio allocation in RYTM by 19.02% over the last quarter.

Rhythm Pharmaceuticals Background Information
(This description is provided by the company.)

Rhythm is a commercial-stage biopharmaceutical company committed to transforming the treatment paradigm for patients living with rare genetic diseases of obesity. Early-onset severe obesity may result from genetic variants within the melanocortin-4 receptor (MC4R) pathway, a key hypothalamic pathway that regulates hunger, caloric intake, and energy expenditure, consequently affecting body weight. Rhythm is developing setmelanotide for the treatment of rare genetic diseases of obesity that arise due to an impaired pathway, as setmelanotide has shown the potential to restore impaired pathway function.

This article originally appeared on Fintel

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