Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) saw a significant growth in short interest in September. As of September 28th, there was short interest totalling 1,351,415 shares, a growth of 44.2% from the September 14th total of 937,240 shares. Approximately 7.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 366,595 shares, the short-interest ratio is presently 3.7 days.
RYTM has been the subject of a number of recent analyst reports. Morgan Stanley initiated coverage on Rhythm Pharmaceuticals in a research report on Friday, September 7th. They issued an “overweight” rating for the company. Zacks Investment Research downgraded Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Needham & Company LLC set a $42.00 price objective on Rhythm Pharmaceuticals and gave the company a “buy” rating in a research report on Thursday, August 9th. Stifel Nicolaus initiated coverage on Rhythm Pharmaceuticals in a research report on Friday, September 14th. They issued a “hold” rating and a $36.00 price objective for the company. Finally, BidaskClub downgraded Rhythm Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $37.17.
Shares of NASDAQ:RYTM opened at $26.33 on Friday. The firm has a market capitalization of $996.89 million and a PE ratio of -9.17. Rhythm Pharmaceuticals has a 52 week low of $16.80 and a 52 week high of $37.23.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last announced its quarterly earnings data on Wednesday, August 8th. The company reported ($0.52) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.48) by ($0.04). As a group, analysts expect that Rhythm Pharmaceuticals will post -1.94 EPS for the current year.
In other Rhythm Pharmaceuticals news, insider Der Ploeg Leonardus H.T. Van sold 31,800 shares of the firm’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $29.80, for a total transaction of $947,640.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.93% of the company’s stock.
Large investors have recently made changes to their positions in the company. PointState Capital LP purchased a new stake in Rhythm Pharmaceuticals during the second quarter valued at about $2,657,000. Swiss National Bank purchased a new stake in Rhythm Pharmaceuticals during the second quarter valued at about $894,000. Federated Investors Inc. PA grew its position in Rhythm Pharmaceuticals by 66.7% during the second quarter. Federated Investors Inc. PA now owns 250,000 shares of the company’s stock valued at $7,815,000 after acquiring an additional 100,000 shares during the period. RA Capital Management LLC purchased a new stake in Rhythm Pharmaceuticals during the second quarter valued at about $48,195,000. Finally, Laurion Capital Management LP purchased a new stake in Rhythm Pharmaceuticals during the second quarter valued at about $2,632,000. 90.01% of the stock is owned by institutional investors and hedge funds.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
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