Short Interest in Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) Declines By 19.7%

Rhythm Pharmaceuticals, Inc. (NASDAQ:RYTM) was the recipient of a significant decline in short interest in 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 daily trading volume, of 498,700 shares, the short-interest ratio is currently 13.5 days.

Rhythm Pharmaceuticals Trading Down 0.3 %

Shares of RYTM stock opened at $62.04 on Friday. Rhythm Pharmaceuticals has a 1-year low of $32.22 and a 1-year high of $68.58. The firm’s 50-day simple moving average is $54.24 and its 200-day simple moving average is $47.99.

Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.80) by $0.07. The company had revenue of $33.20 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 47.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.76) EPS. On average, equities research analysts forecast that Rhythm Pharmaceuticals will post -4.36 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. 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 lifted their price objective on Rhythm Pharmaceuticals from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Needham & Company LLC upped their target price on shares of Rhythm Pharmaceuticals from $55.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America raised their price target on shares of Rhythm Pharmaceuticals from $48.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Finally, JMP Securities started coverage on shares of Rhythm Pharmaceuticals in a research report on Tuesday, September 17th. They issued an “outperform” rating and a $64.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.30.

Insider Buying and Selling

In related news, EVP Jennifer Kayden Lee sold 66,861 shares of Rhythm Pharmaceuticals stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.33, for a total transaction of $4,434,890.13. Following the completion of the transaction, the executive vice president now directly owns 972 shares of the company’s stock, valued at approximately $64,472.76. The trade was a 98.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Joseph Shulman sold 13,281 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $66.44, for a total value of $882,389.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,181 shares of company stock valued at $8,359,750. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Rhythm Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RYTM. SG Americas Securities LLC increased its position in shares of Rhythm Pharmaceuticals by 348.9% in the second quarter. SG Americas Securities LLC now owns 33,727 shares of the company’s stock worth $1,385,000 after acquiring an additional 26,214 shares in the last quarter. Principal Financial Group Inc. raised its position in Rhythm Pharmaceuticals by 241.9% in the third 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 during the period. Frazier Life Sciences Management L.P. lifted its stake in shares of Rhythm Pharmaceuticals by 8.3% during the second quarter. Frazier Life Sciences Management L.P. now owns 2,371,304 shares of the company’s stock worth $97,366,000 after purchasing an additional 181,125 shares in the last quarter. Creative Planning acquired a new position in shares of Rhythm Pharmaceuticals during the third quarter worth about $450,000. Finally, Vanguard Group Inc. boosted its position in shares of Rhythm Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 3,304,146 shares of the company’s stock worth $143,169,000 after buying an additional 77,208 shares during the period.

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.