Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Short Interest Down 19.7% in November

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 6,710,000 shares, a decline of 19.7% from the October 31st total of 8,360,000 shares. Based on an average trading volume of 498,700 shares, the days-to-cover ratio is currently 13.5 days.

Rhythm Pharmaceuticals Stock Performance

Shares of Rhythm Pharmaceuticals stock opened at $62.04 on Monday. The company has a market cap of $3.81 billion, a P/E ratio of -14.33 and a beta of 2.09. Rhythm Pharmaceuticals has a one year low of $32.22 and a one year high of $68.58. The firm has a fifty day moving average of $54.24 and a two-hundred day moving average of $48.05.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million during the quarter, compared to the consensus estimate of $32.52 million. Rhythm Pharmaceuticals had a negative net margin of 230.07% and a negative return on equity of 367.36%. Rhythm Pharmaceuticals’s quarterly revenue was up 47.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.76) EPS. As a group, equities analysts predict that Rhythm Pharmaceuticals will post -4.36 earnings per share for the current year.

Insider Buying and Selling

In other Rhythm Pharmaceuticals news, EVP Jennifer Kayden Lee sold 66,861 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the sale, the executive vice president now owns 972 shares of the company’s stock, valued at approximately $64,472.76. This trade represents a 98.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $50.03, for a total transaction of $205,072.97. Following the sale, the insider now directly owns 13,500 shares in the company, valued at approximately $675,405. The trade was a 23.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 138,181 shares of company stock worth $8,359,750 over the last 90 days. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Rhythm Pharmaceuticals

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC increased its holdings in shares of Rhythm Pharmaceuticals by 348.9% in the 2nd quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock valued at $1,385,000 after purchasing an additional 26,214 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 241.9% in the 3rd quarter. Principal Financial Group Inc. now owns 32,586 shares of the company’s stock valued at $1,707,000 after purchasing an additional 23,054 shares in the last quarter. Frazier Life Sciences Management L.P. increased its holdings in shares of Rhythm Pharmaceuticals by 8.3% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock valued at $97,366,000 after purchasing an additional 181,125 shares in the last quarter. Creative Planning purchased a new position in shares of Rhythm Pharmaceuticals in the 3rd quarter valued at about $450,000. Finally, Vanguard Group Inc. increased its holdings in shares of Rhythm Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock valued at $143,169,000 after purchasing an additional 77,208 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Guggenheim started coverage on shares of Rhythm Pharmaceuticals in a report on Monday, October 21st. They issued a “buy” rating and a $70.00 target price on the stock. Bank of America upped their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. HC Wainwright reiterated a “buy” rating and issued a $69.00 price target on shares of Rhythm Pharmaceuticals in a research report on Monday, November 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $80.00 price target on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Needham & Company LLC upped their price target on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.30.

Rhythm Pharmaceuticals Company Profile

Rhythm Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, and Bardet-Biedl and Alström syndrome.