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

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Bank of America raised their price objective on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. HC Wainwright restated a “buy” rating and set a $69.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Monday, November 25th. TD Cowen raised their price objective on shares of Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group restated a “buy” rating and set a $80.00 price objective on shares of Rhythm Pharmaceuticals in a research report on Tuesday, November 19th. Finally, JMP Securities began coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They set an “outperform” rating and a $64.00 price target for the company. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $62.30.

Rhythm Pharmaceuticals Stock Performance

NASDAQ RYTM opened at $62.04 on Monday. The firm has a 50 day simple moving average of $54.24 and a 200-day simple moving average of $48.05. Rhythm Pharmaceuticals has a one year low of $32.22 and a one year high of $68.58. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of -14.33 and a beta of 2.09.

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

Insider Activity

In related news, insider Joseph Shulman sold 13,281 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $66.44, for a total transaction of $882,389.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pamela J. Cramer sold 4,099 shares of the firm’s stock in a transaction dated 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 owns 13,500 shares of the company’s stock, valued at approximately $675,405. The trade was a 23.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 138,181 shares of company stock worth $8,359,750 over the last three months. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC boosted its stake in shares of Rhythm Pharmaceuticals by 62.6% in the second quarter. CWM LLC now owns 657 shares of the company’s stock valued at $27,000 after purchasing an additional 253 shares during the period. ORG Partners LLC purchased a new position in Rhythm Pharmaceuticals in the second quarter worth approximately $51,000. ORG Wealth Partners LLC purchased a new position in Rhythm Pharmaceuticals in the third quarter worth approximately $63,000. Quest Partners LLC lifted its stake in Rhythm Pharmaceuticals by 513.3% in the second quarter. Quest Partners LLC now owns 1,662 shares of the company’s stock worth $68,000 after acquiring an additional 1,391 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Rhythm Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,211 shares of the company’s stock worth $114,000 after acquiring an additional 391 shares during the last quarter.

About Rhythm Pharmaceuticals

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.